Truist Financial has acquired a data governance platform as part of a deal that will also add 20 employees from the data management firm Zaloni.
The Charlotte, North Carolina-based bank said Monday that it bought Zaloni's Arena platform as part of a plan to boost its own data collection, metadata management, advanced analytics and artificial intelligence and machine learning programs.
The platform will help Truist analyze data more efficiently in order to develop products and services that meet customers' needs, a Truist spokesperson said in an email.
The $545 billion-asset company is "making investments to continuously grow and evolve with our clients' banking needs," 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 become part of Truist's enterprise data office run by Chief Data Officer Tracy Daniels. The ex-Zaloni team will be based in Raleigh, North Carolina.
The latest expense guidance also stems from rising operating losses at the North Carolina bank. Cost-cutting was a key rationale for the 2019 merger of BB&T and SunTrust, which created Truist.
The deal closed on Aug. 19, according to Truist. The bank declined to say how much it paid.
Truist, which was formed in 2019 through the merger between BB&T in Winston-Salem, North Carolina, and SunTrust Banks in Atlanta, has made a handful of nonbank acquisitions over the past 12 months. The list includes the August 2021
At the time of the Long Game deal, Truist said that it intended to
