Mitek CEO, CFO to step down

Mitek Systems announced this week that its CEO, Jim DeBello, will be transitioning out of his role at the company effective January 1, 2019. Bruce Hansen will immediately assume the role of chairman of the board and will assist DeBello with the transition process.

DeBello has been a Mitek director for twenty-three years – 15 as CEO – and chairman of the board for two years. He was instrumental in the company’s listing on NASDAQ and broadened Mitek’s product offerings with three global acquisitions and a portfolio of over 50 patents, including five which he holds as co-inventor of Mobile Deposit.

“I am confident that Mitek is strongly positioned for future success, and I look forward to facilitating a seamless transition as a successor is identified,” said DeBello. “This is a company with tremendous potential, and I expect to watch it succeed for years to come.”

“We remain confident in the company’s strategic direction, including the growth of its Mobile Verify and Mobile Deposit businesses as well as the development of its next-generation Identity solutions,” Hansen added.

Hansen is Mitek’s lead independent director and has served on the board since 2012. He brings decades of big data analytics industry experience including as the co-founder and former chairman and CEO of ID Analytics, which was acquired by LifeLock in 2012, and former president of machine-learning pioneer HNC Software, which was acquired by FICO in 2002.

In other company news CFO Jeff Davison put in notice that he will depart at the end of November for personal and family reasons. Davison will continue serving in his current role through the announcement of Mitek’s fourth quarter and full year earnings in November.

The board of directors intends to retain an executive search firm to assist in the process of identifying DeBello’s and Davison’s successors.

The digital identity verification company reaffirmed its full year total revenue guidance of between $62 million and $63 million, which would represent year-over-year growth between 37% and 39%, and expects to generate a non-GAAP profit margin of approximately 15% to 16%.

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