Mobile identity solutions provider Mitek has acquired IDchecker, a company specializing in ID verification. The deal could be valued up to $10.6 million, depending on whether the company can hit certain revenue targets; and $5.85 million is going to be paid in cash.
In a statement, Mitek referred to the “strategically complementary technology portfolios of the two companies” in explaining the acquisition. Mitek’s technology is intended to make it easier for organizations to authenticate users of their mobile apps and services, while IDchecker’s Strong ID system can be used to verify about 3500 different kinds of official documents from around the world including driver’s licenses, passports, and the like. By integrating that technology with its Photo Verify and MiSnap systems, which use smartphones’ built-in cameras to capture relevant data from user documents, Mitek will be able to offer a more comprehensive multifactor authentication system for its clients.
In a statement, IDchecker CEO Michael Hagen explained that the acquisition represents “an excellent strategic pairing, presenting a unique opportunity to leverage the complementary strengths of our robust portfolios and rich pipelines.” Under the agreement, Hagen will go on to a position with Mitek as Managing Director of IDchecker and Corporate ID Strategist.