Mitek Acquires ICAR, Strengthening its Position as a Global Leader in Digital Identity Verification
October 16 2017 - 4:05PM
Mitek (NASDAQ:MITK) (www.miteksystems.com), a global leader in
mobile capture and digital identity verification software
solutions, today announced that it has acquired ICAR, a
leading provider of consumer identity verification solutions in
Spain and Latin America, for an aggregate purchase price of up to
€12.75 million (~US$15.0 million) paid in a combination of cash and
shares of Mitek common stock.
The acquisition of ICAR strengthens Mitek’s position as a global
digital identity verification powerhouse in the Consumer Identity
and Access Management (CIAM) solutions market, which the April 2017
MarketsandMarkets report, Consumer IAM Market – Global Forecast,
estimates will reach US$16.6 billion by 2022.
Headquartered in Barcelona with offices in Madrid, São Paulo,
and Mexico City, ICAR was founded in 2002 as a spin-off of the
Computer Vision Center of the Universitat Autónoma de Barcelona.
Today, ICAR is a digital consumer identification leader in Spain
and Latin America. ICAR’s channel distribution partners include
Accenture, Informática El Corte Inglés, and other top technology
solutions providers. Its customers are premier banks including
Caixa Bank, Banco Neon, and Bancoppel, as well as companies in the
telecom, insurance, travel, and energy sectors.
“The technical and cultural fit between ICAR and Mitek is a
tremendous opportunity to maximize value for shareholders, while
expanding our mission to bring the highest quality user experience
and digital identity verification solutions to our customers
globally,” said James B. DeBello, Chief Executive Officer of Mitek
and Chairman of the Mitek Board of Directors.
Xavier Codó, Chief Executive Officer of ICAR added, “This
combination provides a major growth opportunity and allows us to
extend cloud services to our partners and customers in Spain and
Latin America. It gives us the ability to offer our customers
comprehensive identity document coverage throughout the U.S. and
Europe. Mitek’s financial stability and commitment to research and
development will also enable us to develop the industry’s most
comprehensive, versatile, and advanced digital identity
verification platform.”
“We have integrated ICAR’s automated identity identification
solution. We view Mitek as a strong, established identity
verification solutions provider and believe the combination will
deliver additional capabilities to our platform giving us a
competitive edge,” said Joan Manuel Tabero, CIO of Consumer Finance
at Caixa Bank.
Following the acquisition, Mitek will offer extensive identity
document coverage in North America, Europe, and Latin America. ICAR
will increase Mitek’s digital identity verification capabilities
with several new factors of authentication. The acquisition also
further enhances Mitek’s desktop capture capabilities, which will
enable customer on-boarding and authentication using computers in
addition to mobile devices.
ICAR’s computer vision experts are tightly aligned with the
Computer Vision Center of the Universitat Autónoma de Barcelona and
dedicated to ongoing research and development. The merging of these
experts with the Mitek Labs’ machine learning and computer vision
scientists will create one of the most powerful research and
development teams in the digital identity verification
industry.
About MitekMitek (NASDAQ:MITK) is a global
leader in mobile capture and identity verification software
solutions built on the latest advancements in AI and machine
learning. Mitek’s identity verification solutions allow an
enterprise to verify a user’s identity during a digital
transaction. This enables financial institutions, payments
companies and other businesses operating in highly regulated
markets to mitigate financial risk and meet regulatory requirements
while increasing revenue from digital channels. Mitek also reduces
the friction in the users’ experience with advanced data prefill
and automation of the onboarding processes. Mitek’s innovative
solutions are embedded into the apps of more than 5,800
organizations and used by more than 80 million consumers. For more
information,
visit www.miteksystems.com or www.miteksystems.co.uk.
(MITK-F)
About ICAR The Spanish company, headquartered
in Barcelona and with offices in Madrid, São Paulo, and Mexico
City, was founded in 2002 as a spin-off of the Computer Vision
Center of the Universitat Autónoma de Barcelona (UAB). ICAR
provides cutting-edge technology solutions for customer identity
verification, document forgery prevention, and fraud risk
mitigation. ICAR’s fully automated verification solutions (desktop
app, mobile and cloud-based tools) provide maximum security and an
optimized user experience. ICAR’s technology is currently
facilitating more than 20 million identity validations per
year.
Notice Regarding Forward-Looking Statements
Certain statements in this press release may constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are made on the basis of the current beliefs,
expectations and assumptions of the management of Mitek and are
subject to significant risks and uncertainty. Investors are
cautioned not to place undue reliance on any such forward-looking
statements. All such forward-looking statements speak only as of
the date they are made, and Mitek undertakes no obligation to
update or revise these statements, whether as a result of new
information, future events or otherwise. Factors that could cause
actual results to differ materially from the forward-looking
statements contained herein include, but are not limited to: any
operational or cultural difficulties associated with the
integration of the businesses of Mitek and ICAR; potential adverse
reactions or changes to business relationships resulting from the
acquisition; unexpected costs, charges or expenses resulting from
the acquisition; litigation or adverse judgments relating to the
acquisition; and any changes in general economic and/or
industry-specific conditions. For a further discussion of risks and
uncertainties that could cause actual results to differ from those
expressed in these forward-looking statements, as well as risks
relating to the business of Mitek in general, see the risk
disclosures in the Annual Report on Form 10-K of Mitek for the
fiscal year ended September 30, 2016, and its quarterly reports on
Form 10-Q and current reports on Form 8-K and other filings made
with the SEC by Mitek, which you may obtain for free on the SEC’s
website at www.sec.gov.
Mitek Contacts:
MKR Group Investor RelationsTodd Kehrli or Jim
Byersmitk@mkr-group.com
MIX Public Relations for Mitek in North America Katherine
Verduccipr@mix-pr.com
CCgroup PR for Mitek in Europe Nicole Louis
mitek@ccgrouppr.com
ICAR Contacts:
SpainAlberto Valleavalle@atrevia.com
BrazilCarla Piqué / Sónia Monfil Cardonacpique@atrevia.com /
scardona@atrevia.com
ColombiaMª Angelica Medinaamedina@atrevia.com
MexicoAna Karla Lópezklopez@atrevia.com
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