Truist hopes to leverage the platform to support data governance, advanced analytics, and AI/ML programmes. Credit: Pexels from Pixabay .

US-based Truist Financial (Truist) has announced the acquisition of assets from Zaloni, a firm operating in the data technology solution delivery space.

Truist did not disclose the financial value of the deal.

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The deal will see Truist acquire the Zaloni Arena platform.

Truist hopes to leverage the platform to support its data governance, metadata management, advanced analytics, and artificial intelligence and machine learning (AI/ML) programmes.

Truist chief information officer Scott Case said: “Truist is making investments to continuously grow and evolve with our clients’ banking needs.

“In partnership with Truist Ventures, we identified the Arena platform as an investment that will help us deliver better financial experiences, advance our strategy and demonstrate our purpose to inspire and build better lives and communities.”

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As per the terms of the agreement, Zaloni’s team, including founder and chief product officer Ben Sharma, chief technology officer Ashwin Nayak, along with product, engineering and data professionals will join Truist’s enterprise data office led by chief data officer Tracy Daniels.

Zaloni CEO Susan Cook said: “This acquisition validates our philosophy that data is a strategic asset and requires a product-oriented mindset and discipline.

“Our Arena product and our incredibly talented people will serve as a catalyst for Truist, accelerating its growth and vision of becoming a leader in data.”

Earlier this year, Truist acquired gamified finance mobile app Long Game to help young customers develop healthy financial habits.

With $545bn in assets as of 30 June 2022, Charlotte, North Carolina-based Truist is a leading commercial lender in the US.