Business
Alkami to Acquire Segmint Inc., Leading Financial Data Analytics and Transaction Cleansing Provider
Acquisition combines Segmint's data insights with Alkami's digital account opening and digital banking capabilities to activate financial institutions' user
About this update from Alkami Technology, Inc.
[{"type":"text","content":"Acquisition combines Segmint's data insights with Alkami's digital account opening and digital banking capabilities to activate financial institutions' user data along the account holder journey \nPLANO, Texas, March 28, 2022 /PRNewswire/ -- Alkami Technology, Inc. (Nasdaq: ALKT) (\"Alkami\"), a leading cloud-based digital banking solutions provider for US financial institutions (FIs), announced it has entered a definitive agreement to acquire Segmint Inc., a leader in making account and transaction data usable and meaningful for FIs to deepen customer relationships and grow revenues.\n\n \n \n \n \n \n \n\n \nThe acquisition will benefit FIs in two ways. First, combining the data sets of Alkami and Segmint will provide a more complete view of the account holder while both training Segmint's current data models for greater precision and expanding them to additional use cases. Second, FIs will be able to use this data to target, engage, and grow customer relationships through their most pervasive and efficient channel—the digital banking experience.\nThe acquisition is expected to expand Alkami's total addressable market by approximately $1 billion and enable new cross-selling opportunities across a larger installed base.\n\"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,\" said Alex Shootman, CEO, Alkami. \"We are thrilled to welcome the talented team at Segmint and their clients as we work together to empower financial institutions to grow organically through deeper account holder relationships.\" \nPowered by data scientists and artificial intelligence, Segmint is a leader in making account and transaction data usable and meaningful for financial institutions of all sizes and sophistication, serving 147 financial institutions with approximately 15 million account holders. Segmint's algorithms are derived from analysis of billions of transactions, providing FIs with customer segmentation based on Key Lifestyle Indicators® (KLIs®) that blend demographic, psychographic, and behavio...