Cloud-based digital banking technology vendor Alkami has agreed to buy financial data analytics and transaction cleansing provider Segmint for $135.5 million in cash.
Powered by data scientists and AI, Segmint serves 147 financial institutions with approximately 15 million account holders.
The firm's algorithms are derived from analysis of billions of transactions, providing clients with customer segmentation based on Key Lifestyle Indicators that blend demographic, psychographic, and behavioural data points.
Alkami says the acquisition will provide clients with a more complete view of account holders and help them target and grow customer relationships through digital channels. The firm estimates the deal will expand its total addressable market by $1 billion.
Alex Shootman, CEO, Alkami, says: "Our customers want to deepen their customer relationships and grow revenue. To do so, they must transform raw account and transaction data into insights that lead to highly personalized communications.
"Segmint applies machine learning to transaction data to help FIs better understand their account holders and automates messaging with incredible precision and personalization across multiple channels."