Mitek extends global reach with A2iA acquisition
Mitek Systems has acquired artificial intelligence and image analysis company A2iA for €42.5 million (US$49.8 million) in cash and shares of Mitek’s common stock, and creating a global leader in image recognition and processing.
“The acquisition of A2iA combines two market leaders in image recognition and processing, creating a powerful force with a deep expertise in image analytics,” states industry expert Bob Meara, Senior Analyst at Celent.
The ten largest financial institutions in the U.S. all use Mitek software for digital identity verification and image analysis, while many top banks in the U.S., UK, France, and Brazil use A2iA software, according to the announcement. A2iA software is also deployed in more than 75,000 ATMs worldwide. In the last fiscal year, A2iA reported revenue of €12.9 million and operating income of €1.7 million.
“With the addition of A2iA’s technology and team, Mitek’s digital identity verification platform will extend its lead in the industry,” said James B. DeBello, CEO and Chairman of Mitek. “Mitek’s Mobile Verify product will be able to read government-issued identity documents even more accurately and quickly than today, and authenticate them using A2iA’s advanced AI algorithms, thereby increasing companies’ trust that their customers are who they say they are.”
The addition of A2iA’s Research Labs doubles the size of the Mitek Labs team, and creates the industry’s largest private research group of PhD scientists in computer vision, machine learning, and AI, according to the announcement.
“We are excited to be a part of the Mitek team,” added Jean-Louis Fages, A2iA President and Chairman. “The combination of our company’s industry-leading technologies with Mitek’s resources as a publicly-traded U.S. company will provide our partners in Europe, the Americas and across the globe with unparalleled capabilities.”
Mitek was recently selected by bitcoin broker platform BTCDirect to provide digital onboarding technology.