Mitek Systems

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Mitek Systems, Inc.
Public
Traded asNASDAQMITK
Russell 2000 Component
IndustryIdentity Verification Services
Founded1986
Headquarters
San Diego California
,
USA
Key people
Max Carnecchia (CEO); Jeff Davidson (CFO)
Websitewww.miteksystems.com

Mitek Systems, Inc is a software company that specializes in digital identity verification and mobile capture built on artificial intelligence algorithms. The company's technology allows people to deposit checks via their mobile phones[1] and open bank accounts from mobile devices.[2] Additionally, the technology verifies people’s identity with patented algorithms that capture, classify and authenticate photos of identity documents including passports, ID cards, and driver's licenses.[3] The identity of the person holding the document is confirmed through a biometric facial comparison of the photo on the document to a selfie.

History[edit]

The company was founded in 1986 and is headquartered in San Diego, Ca.[4]

The company received a $15 million private placement from Weintraub Capital Management and Philadelphia Financial in 2011[5] prior to the listing of its shares on the NASDAQ capital market.

In 2011, it was announced that Mitek is turning their mobile imaging technology toward the health care and insurance industries, in addition to mobile banking.[6]

In 2014, USAA and Mitek Systems, Inc. settled a 2 and 1/2 year old dispute over the invention of the technology used for mobile check deposit, with both companies' patents remaining intact and neither side paying the other.[7]

On May 26, 2015, the company acquired IDchecker, a provider of cloud-based identity document verification and facial recognition products.[8]

On October 16, 2017, the company acquired Icar Vision Systems, a Spanish company specializing in customer identity verification.[9]

References[edit]

  1. ^ "This guy just saved big banks on Wall Street $620M". New York Post. 2016-07-13. Retrieved 2018-05-17.
  2. ^ CNBC.com, Elaine Pofeldt, Special to (2013-09-17). "It's simple 'apponomics': Cash is no longer king". CNBC. Retrieved 2018-05-21.
  3. ^ "Fintech Spawns Regtech to Automate Compliance With Regulations". www.bna.com. Retrieved 2018-05-21.
  4. ^ "MITK Company Profile & Executives - Mitek Systems Inc. - Wall Street Journal". quotes.wsj.com. Retrieved 2018-03-21.
  5. ^ "Mitek Systems | Crunchbase". Crunchbase. Retrieved 2018-03-21.
  6. ^ "Mitek Extends Check Imaging Tech to Health Care, Insurance". PCWorld. Retrieved 2018-05-21.
  7. ^ "Mitek, USAA End Dispute Over Mobile Deposit Patents". American Banker. Retrieved 2018-03-21.
  8. ^ "Mitek acquires IDchecker for mobile identity services". www.mobilepaymentstoday.com. 2015-05-27. Retrieved 2018-03-21.
  9. ^ "Mitek Systems Acquires Spanish Company". San Diego Business Journal. Retrieved 2018-03-21.