Mitek has doubled in size with the newly-announced acquisition of A2iA, a France-based firm specializing in document reading and recognition technology.
The aim of the acquisition is to combine the technological expertise of both companies, and to extend Mitek’s market presence. In announcing the deal, Mitek noted that while its own technology has been deployed with 6,100 US banks including the countries ten top financial institutions, “A2iA’s software is also used by top U.S. banks as well as 100% of U.K. banks, 90% of French banks, 90% of Brazilian banks and more than 75,000 ATMs worldwide.” Mitek added that A2iA brought in revenues of €12.9 million last year, with an operating income of €1.7 million.
As for expertise, Mitek says that the merger has produced “the largest private research group of PhD scientists in computer vision, machine learning and artificial intelligence for this industry.” Elaborating further on how A2iA’s technology can complement that of Mitek, the latter’s CEO and Chairman James DeBello said it would enable Mitek’s Mobile Verify system “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.”
Mitek acquired A2iA for €42.5 million in cash and Mitek shares; in announcing the deal, the companies did not disclose the precise amounts of cash and shares it entailed.