- Charlotte, North Carolina-based Truist plans to acquire ‘strategic assets’ from data technology company Zaloni in a bid to bolster the bank’s data management capabilities, the lender announced Monday.
- The bank announced that it will acquire the Raleigh-based company’s Zaloni Arena platform for an undisclosed amount. The move will accelerate Truist’s data governance, metadata management, advanced analytics, and artificial intelligence and machine learning programs, the bank said.
- Twenty of Zaloni’s employees will join Truist’s enterprise data office as part of the deal. They will be led by Tracy Daniels, the bank’s chief data officer.
Overview of the dive:
Zaloni’s founder and chief product officer, Ben Sharma, and chief technology officer, Ashwin Nayak, are among the cohort of employees who will make the transition to the bank.
The team, which includes product, engineering and data professionals, will be based in Raleigh.
The acquisition advances Truist’s “T3” strategy, a company-wide goal to combine technology and touch to build trust with its customers, Daniels said.
“The acquisition of the Zaloni Arena platform is an embodiment of how we express our focus on data management as part of our Q3 strategy,” Daniels said, adding that the business development arm of the bank, Truist Ventures, was instrumental in identifying the opportunity.
The investment bolsters the bank’s $545 billion asset bank’s ability to act on data for the benefit of bank customers and employees, Daniels said.
“This is how clients will experience a new level of care as we intersect technology and touch. In short, this acquisition of key strategic assets allows us to see more, know more and do more,” she said. “By generating an accelerated timeline for understanding and decision-making, this platform will help us create personalized products and services that meet customers where they are during their time of need.”
The deal is the latest strategic acquisition for the bank, which was formed after SunTrust was acquired by BB&T in 2019.
Since closing the $28 billion merger, Truist has completed more than a dozen acquisitions, including insurance-related offerings and the San Francisco-based company Long Game gamified finance app.
Bill Rogers, CEO of Truist told analysts During the bank’s second-quarter earnings call last month, he announced that it plans to deploy capital in areas where it can achieve growth, such as non-banking mergers and acquisitions.