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