Truist Financial has acquired a data governance platform in a deal that will also add 20 employees from data management firm Zaloni.
The Charlotte, North Carolina-based bank said on Monday it purchased the Arena platform from Zaloni as part of a plan to strengthen its own data collection, metadata management, analytics advanced and artificial intelligence and machine learning programs.
The platform will help Truist analyze data more effectively to develop products and services that meet customer needs, a Truist spokesperson said in an email.
The $545 billion company “is making investments to continually grow and evolve with the banking needs of our customers,” chief information officer Scott Case said in a press release.
The 20 Zaloni employees who will join Truist – one-sixth of the company’s workforce – include founder and chief product officer Ben Sharma. They will be part of Truist’s Enterprise Data Office led by Chief Data Officer Tracy Daniels. The ex-Zaloni team will be based in Raleigh, North Carolina.
The deal closed on August 19, according to Truist. The bank declined to say how much it paid.
Truist, which was formed in 2019 by the merger between BB&T in Winston-Salem, North Carolina, and SunTrust Banks in Atlanta, has made a handful of non-bank acquisitions over the past 12 months. The list includes the month of August 2021 acquisition of home improvement lender Service Finance and the purchase this spring of consumer savings app Long Game.
At the time of the Long Game deal, Truist said he intended to to integrate the app in its technology offering to complement its workplace financial wellness program, Truist Momentum.