Mitek acquires AI firm A2iA for $49.7m
Digital identity verification company Mitek is bolstering its capabilities with the acquisition of A2iA, an artificial intelligence (AI) and image analysis company, for $49.7 million, reports Julie Muhn at Finovate.
This is Mitek’s second acquisition in under a year – last October it acquired consumer identity verification firm ICAR for $15 million.
A2iA uses AI and machine learning to create algorithms that process millions of cheques, IDs and documents daily for financial services companies, retailers, mobile operators, healthcare providers, and governments.
The company, which pulled in revenues of more than $15 million last year, works in more than 42 countries and 11 languages. A2iA’s software is used by top US banks as well as all banks in the UK, 90% of French banks, and 90% of Brazilian banks. It is used by more than 75,000 ATMs worldwide.
James B. DeBello, CEO and chairman of Mitek, says its “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”.
The move will also double the size of Mitek’s Labs team, a group that has been behind each of Mitek’s 39 patents.
Mitek software is deployed in 6,100 US banks, including all ten of the largest US financial institutions, and is used by more than 80 million end consumers.
Mitek was founded in 1985 and is headquartered in San Diego, California.
Earlier this month, Mitek made headlines when it agreed to deliver digital know your customer (KYC) for cryptocurrency broker BTCDirect.
