Mitek Acquires IDchecker for $10.6 Million
May 28, 2015
Mitek, the San Diego-based company that pioneered mobile check capture, on Tuesday revealed it has acquired authentication technology provider IDchecker for $10.6 million. The company, which just last week won the Customer Choice award for Best Mobile Solution at the 2015 CNP Awards , specializes in ID verification technology for payments and financial services companies. IDchecker’s technology can combine ID authentication with facial recognition to confirm identities during mobile account opening and m-commerce transactions. Mitek said it will leverage the Dutch company to expand globally.
“Consumer preference for shopping and opening accounts via the mobile channel is not just a U.S. phenomenon – it is a rapidly growing worldwide trend,” said James B. DeBello, president and CEO of Mitek. “This acquisition enables Mitek to provide ID capture and authentication to companies who operate in highly regulated markets around the world.”
The $10.6 million price tag includes $5.85 million in cash, $2.75 million in Mitek stock and $2 million in additional Mitek shares contingent on the company hitting certain revenue targets. Michael Hagen, IDchecker’s CEO, will join Mitek as managing director of IDchecker and corporate ID strategist.