US commercial bank Truist acquires tech firm Zaloni’s Arena platform

North Carolina-based Truist Financial Corporation has acquired “key strategic assets” from Zaloni, a data technology solution provider.

Truist acquires Zaloni’s Arena platform

According to the agreement, Truist will acquire the Zaloni Arena platform, which the firm hopes will accelerate its data governance, metadata management, advanced analytics and artificial intelligence and machine learning (AI/ML) programmes.

The Arena platform offers data for advanced analytics and AI/ML use cases using an “intelligent and collaborative” data catalogue, automated governance and “unified observability” that it claims reduces IT costs and accelerates time to insight.

Zaloni’s founder and chief product officer Ben Sharma, CTO Ashwin Nayak and a team of product, engineering and data professionals will join Truist’s enterprise data office in Charlotte, North Carolina, led by chief data officer Tracy Daniels. Zaloni says its offshore team will continue serving its current customers while also providing technology delivery services to Truist.

Scott Case, chief information officer at Truist, says the firm identified the Arena platform as “an investment that will help us deliver better financial experiences” and “advance our strategy”.

Truist is a top 10 US commercial bank with $545 billion in assets under management.