Plano fintech firm Alkami’s data analytics buy expands its market by up to $1 billion

Plano-based financial technology company Alkami Technology says its acquisition of a data analytics firm expands its potential market by as much as $1 billion.

Alkami announced its $135.5 million cash deal Monday for Segmint Inc., an Ohio-based company that uses artificial intelligence to turn transaction data into actionable insights for financial institutions. Alkami provides cloud-based digital banking technology.

Combining Alkami and Segmint will give financial institutions a more complete view of account holders, the companies said. Segmint, which serves 147 financial institutions with 15 million account holders, said its algorithms create “key lifestyle indicators” — demographic, psychographic and behavioral.

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

The deal is expected to close by June 30. Alkami said it expects Segmint to add $7 million to its 2022 full-year revenue, and as much as $17 million on an annual basis.

Alkami’s revenue grew more than 35% last year to just over $152 million. It works with 177 financial institutions and 12.4 million users of its technology, according to a regulatory filing.

It went public a year ago, netting $192.8 million from its initial offering. In September, it acquired MK Decisioning Systems LLC for $20 million. Two months later, it replaced longtime CEO Mike Hansen with enterprise software veteran Shootman.