Fast-growing Alkami Technology brings fraud prevention provider into its digital banking portfolio

Alkami Technology, the fast-growing digital banking firm headquartered in Plano, is acquiring a Tennessee company that specializes in electronic payments fraud prevention technology.

The deal for privately owned ACH Alert extends Alkami’s cloud-based platform by adding fraud prevention and secure money movement technology, according to a Tuesday announcement by Alkami. Terms of the deal weren’t disclosed.

ACH Alert’s 20 employees will continue to work from the company’s offices near Chattanooga, said Alkami chief financial officer Bryan Hill.

In a statement, CEO Mike Hansen said the deal gives Alkami “market-leading fraud prevention capabilities.” ACH was founded in 2007 to make electronic, bank-to-bank money transfer safer and to automate dispute resolution. It now also provides protection for checks and domestic and international wire transfers.

Alkami last week got a $140 million investment led by Wall Street hedge fund D1 Capital Partners. It raised Alkami’s total investment to $421 million since its founding in 2009.

The new backing followed several key milestones in the company’s growth. In September, Alkami said its digital banking platform reached nearly 10 million users and the company surpassed $130 million in annual recurring revenue by adding its 165th client.

Alkami, which now has about 600 employees, is one of the fastest-growing technology firms in North Texas. It earned spots on Deloitte’s Technology Fast 500 lists in 2018 and 2019, and ranked 903rd in this year’s Inc. 5000 with three-year revenue growth of 516%.

Alkami Technology is headquartered in the Granite Park development on the Dallas North Tollway in Plano.

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