American cloud-based digital banking solutions provider Alkami Technology has signed a definitive agreement to buy Segmint for $135m in cash.

Segmint, which is powered by data scientists and artificial intelligence, offers account and transaction data to help financial institutions grow revenue.

Alkami noted that the combined data sets of the firms will improve the precision of Segmint’s current data models and expand them to additional use cases while giving clearer insight into account holders.

The data can be used by clients to target, engage and grow their customer base, it added.

Additionally, Segmint’s acquisition is expected to expand Alkami’s total addressable market by nearly $1bn and present new cross-selling opportunities.

Currently, Segmint caters to 147 financial institutions with nearly 15 million account holders.

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Alkami CEO Alex Shootman said: “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 personalised communications.

“Segmint applies machine learning to transaction data to help FIs better understand their account holders and automates messaging with incredible precision and personalisation across multiple channels.”

Segmint president Adam Craig said: “The Segmint team is extremely excited to join forces with Alkami. I look forward to expanding our mission to enable financial institutions to translate their data into actionable insights in pursuit of growth.”

Subject to regulatory approval, the deal is expected close in the second quarter of 2022.