Mitek brings on IdentityMind Founder Gafke with $4M performance-based package

Mitek has appointed Garrett Gafke, founder and long-time CEO of IdentityMind , as its new chief operating officer. His task is to streamline operations, increase innovation and expand Mitek’s position in digital identity verification and biometric fraud prevention.

The company calls Gafke’s recruitment “a pivotal step forward” in its growth acceleration strategy.

IdentityMind was acquired by Acuant in 2020, which wanted to integrate its orchestration layer. Gafke remained IdentityMind CEO until January, 2021. Acuant was subsequently acquired by GB Group for $736 million.

Prior to being acquired, IdentityMind partnered with Mitek to bring selfie biometrics to its compliance and fraud prevention-focussed digital identity platform.

Gafke also served as President of Intellicheck for two years.

“His proven expertise will be instrumental in optimizing our product development, bolstering our data and analytics capabilities for fraud prevention, and driving automation at scale,” comments Ed West, CEO of Mitek Systems. “These strategic initiatives are fundamental to strengthening Mitek’s foundation for accelerating innovation and ensuring durable and profitable growth.”

Gafke’s compensation emphasizes ding value for shareholders, rather than guaranteed cash. The new COO will receive inducement awards with a  grant date fair value of $4 million, according to a release from Mitek. The awards consist of 75 percent performance-vesting restricted stock units (PSUs) and 25 percent service-based vesting restricted stock units (RSUs).

The PSUs are pegged to the Russell 2000, a U.S. small-cap stock index. The RSUs vest in annual installments over four years.

“Building on Mitek’s strong legacy of innovation and market leadership, I’m excited to help amplify the company’s core strengths to shape the future of digital fraud prevention, identity, and security,” says Garrett Gafke in the announcement. “We are committed to bold, transformative strategies and relentless execution that will not only solidify our position as a global technology leader but redefine what’s possible across the entire market.”

Article Topics

appointments  |  biometrics  |  digital identity  |  fraud prevention  |  identity verification  |  Mitek