Truist Financial Corporation (NYSE: TFC) announced that it has acquired key strategic assets from Zaloni, a key player in data technology solution delivery.
Through this agreement, Truist will “acquire the Zaloni Arena platform to accelerate its data governance, metadata management, advanced analytics, and artificial intelligence and machine learning (AI/ML) programs.”
Zaloni Founder and Chief Product Officer Ben Sharma, Chief Technology Officer Ashwin Nayak, and a team of product, engineering and data professionals “will join Truist’s Enterprise Data Office led by Chief Data Officer Tracy Daniels.” The team will be “based in Raleigh.”
Daniels said:
“Data and analytics are essential to delivering on the needs of our clients, teammates, and stakeholders. I’m thrilled that this deal includes the talented team that built the Arena platform, and that they will continue their data innovation journey as Truist teammates.”
Scott Case, chief information officer at Truist, remarked:
“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.”
Zaloni has “worked with clients around the globe to bring efficiency to complex data environments.” The Arena Data Governance Platform rapidly and securely “delivers trusted data for advanced analytics and AI/ML use cases using an intelligent and collaborative data catalog, automated governance, and unified observability to reduce IT costs and accelerate time to insight.”
Susan Cook, chief executive officer of Zaloni, added:
“We are thrilled to become a part of the Truist family. 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.”
Zaloni’s offshore team will “continue serving their current customers while also providing technology delivery services to Truist.”
