CHARLOTTE, N.C., Aug. 22, 2022 /PRNewswire/ -- Truist Financial Corporation (NYSE: TFC) today announced that it has acquired key strategic assets from Zaloni™, an award-winning leader 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.
"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," said Daniels.
"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," said Scott Case, chief information officer at Truist.
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.
"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," said Susan Cook, chief executive officer of Zaloni.
Zaloni's offshore team will continue serving their current customers while also providing technology delivery services to Truist.
Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Truist has leading market share in many high-growth markets in the country, and offers a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending; and wealth management. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank with total assets of $545 billion as of June 30, 2022. Truist Bank, Member FDIC. Learn more at Truist.com.
At Zaloni, we believe in the power of data. Our intelligent governance and observability software, the Zaloni Arena Data Governance platform, rapidly and securely delivers trusted data for advanced analytics and AI/ML use cases. Zaloni Arena brings efficiency to complex data environments through an intelligent and collaborative data catalog, automated governance, and unified observability to reduce IT costs and accelerate time to insight. We work with the world's leading companies, delivering trusted data through a governance platform that both improves and safeguards enterprises' data assets. To find out more visit zaloni.com.
About Truist Ventures
Truist Ventures is the corporate venture capital division of Truist Financial Corporation (NYSE: TFC), a purpose-driven financial services company committed to inspire and build better lives and communities. Headquartered in Charlotte, North Carolina, Truist Ventures delivers unprecedented touch and technology to Truist clients through partnerships with, and investments in, innovative companies and exceptional management teams with novel solutions to help Truist shape the future of finance. Truist Ventures' investment focus stretches beyond traditional financial technology into adjacent, disruptive technologies that enable Truist to deliver a human touch in new ways. Leveraging Truist's extensive network of executive-level talent and industry experts in technology, investment banking, capital markets and innovation, the Truist Ventures team helps portfolio companies fulfill growth opportunities through unparalleled access to exceptional support.
SOURCE Truist Financial Corporation