Australia and New Zealand Banking Group (ANZ Group) has entered into an agreement to acquire data analytics company DOT Data (operating as DOT Loves Data), for an undisclosed price.

Based in Wellington, Dot Loves Data provides data solutions for New Zealand and international businesses. The company is said to use a suite of proprietary analytics tools to deliver strategic insights in real time to help its corporate and local government customers.

Dot Loves Data claims to take complex data sets to produce scalable products, build algorithmic componentry, Power BI expertise, and communicate practical insights into actions.

The acquisition is expected to bolster ANZ Group’s long-term goal to deliver valuable data insights to its business customers.

Besides, the investment is aimed at driving growth and development in the data analytics company, said ANZ Group.

DOT Loves Data CEO and founder Jason Wells said: “ANZ Group’s support will certainly help DOT Loves Data grow, but it also means we can work together to develop new and bespoke data tools, and that’s an exciting prospect.”

“At the right time and with the right analysis, data can be extremely useful for businesses. It can help them understand their customers, the market and any opportunities that arise.”

According to ANZ Group, the strategic acquisition is a part of the company’s ongoing efforts to develop partnerships with regional firms that can help in the growth of its small and medium business customers.

As a part of the deal, ANZ New Zealand is anticipated to collaborate closely with the DOT Loves Data’s team to further build its suite of tools.

ANZ New Zealand business banking managing director Lorraine Mapu said: “Modern banking is much more than lending people and businesses money, looking after their deposits and doing transactions.

“It is about providing insights to help people with their financial well-being, to start and grow their businesses and to assist New Zealand with its trade and capital flows around the region.

“Our focus over many years has been to strengthen our proposition in these spaces so we can give people and businesses the data-driven insights they need to succeed.

“With DOT Loves Data we’ll be able to take that to another level, and offer many of our businesses customers these cutting-edge tools to help them with various aspects of their business including financial benchmarking and carbon reporting.”