Alkami to Acquire Segmint for $135M

Alkami Technology Inc., the Texas cloud-based digital banking provider, has agreed to acquire digital solutions provider Segmint for $135.5 million, Alkami announced Monday (March 28).

Combining the data of Alkami and Segmint will provide a better view of the account holder while training Segmint’s data models for greater precision and expanding them for additional use, the company said.

In addition, financial institutions (FIs) will be able to use this data to target, engage and grow customer relationships through the digital banking experience, Alkami said.

The acquisition is expected to expand Alkami’s market by $1 billion and allow for cross-selling opportunities.

“Our customers want to deepen their customer relationships and grow revenue,” said Alkami CEO Alex Shootman in a statement. “To do so, they must transform raw account and transaction data into insights that lead to highly personalized communications.”

Segmint applies machine learning to transaction data to help FIs better understand their account holders and automates messaging with precision and personalization across multiple channels, he added.

It serves 147 FIs with 15 million account holders.

The deal is expected to close in June.

One year ago, Alkami announced an initial public offering (IPO) that put the of value the firm at more than $2 billion, the company said.

Read more: Bank Software Firm Alkami Plans IPO At $2 Billion Valuation

Founded in 2009, the company offered 6 million shares of its common stock priced at $22-$25 each. It is listed on The Nasdaq Global Select Market (NQGS) under the ticker symbol ALKT, according to its filing with the Securities and Exchange Commission. The company said it is looking to raise as much as $150 million.

Alkami first announced plans to go public in February of last year and had been raising money since September 2020, including $140 million from a private valuation.