Alkami, a prominent provider of cloud-based digital banking technology, has announced its acquisition of Segmint, a company specializing in financial data analytics and transaction cleansing, for $135.5 million in cash.
Segmint supports 147 financial institutions, serving around 15 million account holders by leveraging advanced data science and artificial intelligence. Its algorithms are created from the analysis of billions of transactions, allowing for nuanced customer segmentation based on Key Lifestyle Indicators that integrate demographic, psychographic, and behavioral data.
Alkami projects that this acquisition will enhance clients’ understanding of their account holders, enabling more focused customer engagement and fostering growth through digital platforms. The deal is expected to increase Alkami’s total addressable market by an estimated $1 billion.
Alex Shootman, CEO of Alkami, remarked, “Our clients aim to strengthen their relationships with customers and boost revenue. Achieving this requires transforming raw transaction data into actionable insights, which can lead to highly personalized communications.”
He added, “Segmint utilizes machine learning to analyze transaction data, empowering financial institutions to gain deeper insights into their account holders and automate messaging with remarkable precision and personalization across various channels.”