The deal is for €42.5 million in cash and shares of Mitek’s common stock. Mitek software is used in 6,100 U.S. banks, including all of the top 10 largest U.S. financial institutions.
“The acquisition of A2iA combines two market leaders in image recognition and processing, creating a powerful force with a deep expertise in image analytics,” industry expert Bob Meara, senior analyst at Celent said in a press release.
A2iA uses AI and machine learning to create proprietary algorithms that process millions of checks, IDs and documents each day for banks, retailers, insurance companies, mobile operators, healthcare providers and governments in more than 42 countries and 11 languages. Its software is used by top U.S. banks, as well as 100 percent of U.K. banks, 90 percent of French banks, 90 percent of Brazilian banks and more than 75,000 ATMs worldwide.
“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.”
Through the acquisition, Mitek doubles the size of its existing Mitek Labs team to create the largest private research group of PhD scientists in computer vision, machine learning and artificial intelligence for this industry.
“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.”