Alkami to acquire financial data analytics provider Segmint for $135.5M

Alkami Technology Inc., a cloud-based digital banking solutions provider, agreed to acquire Cuyahoga Falls, Ohio-based Segmint Inc., a financial data analytics and transaction cleansing provider.

The acquisition combines Segmint's data insights with Alkami's digital account opening and digital banking capabilities and is expected to expand Plano, Texas-based Alkami's total addressable market by approximately $1 billion, according to a press release.

The deal consideration will consist of $135.5 million of cash payable upon closing.

The transaction is expected to close during the second quarter.

Based on a transaction close date of June 30, Alkami expects Segmint to contribute approximately $7.0 million of revenue and an immaterial amount of adjusted EBITDA to its 2022 full-year financial performance. Alkami expects Segmint's annual recurring revenue under contract at Dec. 31 to be in the range of $15 million to $17 million, representing a growth rate of 30% to 50% compared to Dec. 31, 2021.

Financial Technology Partners served as the exclusive financial and strategic adviser to Segmint.

Segmint makes account and transaction data usable and meaningful for financial institutions of all sizes and serves 147 financial institutions with approximately 15 million account holders, the press release noted.