FB pixel

Mitek acquires face recognition firm IDchecker for up to $10.6M

Categories Facial Recognition  |  Trade Notes
 

Mitek announced it is acquiring Dutch cloud-based identity document verification and facial recognition tools provider IDchecker for up to $10.6 million.

The company will pay $5.85 million in cash, $2.75 million in stock, and up to $2 million in additional stock payments through September 2016 if they successfully reach certain targets.

IDchecker’s Strong ID solution “authenticates 3,500 different types of passports, driver licenses and identity cards from nearly every country in the world,” as well as compliments Mitek’s Photo Verify tech and MiSnap mobile image capture SDK, according to Mitek.

The combination of Strong ID with Mitek’s recently launched Photo Verify technology will double or triple the yield from digital customer acquisition rates by verifying ID documents worldwide.

Additionally, the combined technology portfolios of the two companies will drive the worldwide growth of Mitek.

Mitek’s acquisition of IDchecker is expected to bring along various opportunities for the combined companies as a result of their proven technology, strong financial services domain knowledge and trusted client relationships.

“The acquisition of IDchecker demonstrates our commitment to delivering solutions that optimize the mobile channel for safe and secure customer acquisition,” said James B. DeBello, president and CEO at Mitek. “By expanding our product portfolio, we will transform Mitek into a global provider of mobile capture and identity solutions in the multi-factor authentication market which is projected by the global market research firm MarketsandMarkets to be worth $10.75 billion by 2020.”

Article Topics

 |   |   |   |   |   | 

Latest Biometrics News

 

Biometrics providers and credentials level up with new capabilities

Biometrics is a fast-evolving field about persistence, so new versions of major digital identity providers and biometric technology companies naturally…

 

Alan Goode offers insights on booming transitional IDV market on BU Podcast

Technology is transforming identity verification. According to Alan Goode of Goode Intelligence, by 2030, digital identity verification will pass traditional…

 

Share less data in more places: inching towards decentralized digital ID for travel

The travel industry is slowly shifting to a more decentralized model of digital identity. This was one of the key…

 

Clearview takes fresh legal hits over Canada class action, UK fine

Few biometrics companies have taken a bigger regulatory and legal beating than Clearview AI. It has already been a rough…

 

Mexico makes biometric identifier mandatory for all citizens

Mexico has officially introduced a digital identification system by signing a law that turned the previously optional biometric-based citizen code…

 

MOSIP highlights the UN DPI Safeguards Initiative

The United Nations’ DPI Safeguards Initiative has released 259 recommendations designed to guide regulators, advocates, donors, technology providers and governments…

Comments

6 Replies to “Mitek acquires face recognition firm IDchecker for up to $10.6M”

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Biometric Market Analysis

Most Viewed This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events