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New platform from Mitek, deals by CyberLink boost biometrics revenues

New platform from Mitek, deals by CyberLink boost biometrics revenues

Revenues from Mitek’s biometric technologies and digital identity verification grew by 24 percent year over year in the third quarter of 2022, boosted by the rapid rise in digital commerce.

The company earned $39.3 million, for a GAAP net loss of $0.9 million, or $0.02 per diluted share. Non-GAAP net income was $10.2 million, or $0.23 per diluted share.

Mitek launched its Verified Identity Platform to help customers easily configure their digital identity verification processes in June.

“Our customers feel the weight of staggering fraud losses, significant operational costs, and the brand damage associated with identity fraud, all while trying to maintain a seamless customer experience,” states CFO Frank Teruel. “MiVIP provides our customers the tools to quickly deploy and balance these constant tensions.”

CEO Max Carnecchia notes that identity fraud cost businesses $52 billion in 2021, and affected 42 million consumers in the U.S. alone. He also says the “new platform is the culmination of our best technologies, our most recent acquisition, and our ongoing commitment to putting our customers in control of their consumers’ experiences.”

Mitek acquired HooYu in March for approximately $129 million, and ID R&D for $49 million just over a year ago.

CyberLink biometrics deals revealed

Facial recognition will start contributing revenues to CyberLink next year, CEO and Chairman Jau Huang said during a recent earnings call reported by DigiTimes.

A recent deal to provide FaceMe to Toyota to confirm the identity of factory inspectors and partnerships with Avigilon and MediaTek are expected to begin brining in biometrics revenue for CyberLink.

During the second fiscal quarter of 2022, CyberLink’s revenue increased by 4.9 percent to $14.7 million. The company remained profitable, though its profit declined by 5.4 percent. New business, which includes CyberLink’s facial recognition, contributed only 4.3 percent of revenue in the past quarter.

Huang sees growth potential for the company’s face biometrics beyond the auto industry, such as in smart manufacturing, smart retail, security and fintech.

CyberLink’s latest facial recognition customer win is to provide selfie biometrics and liveness detection to fintech Good Finance for customer onboarding.

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