Mitek has issued a corporate update for its fourth quarter and full 2022 fiscal year, showing, among other things, that its acquisition of HooYu in March of last year has been paying off.
![Nok Nok Labs has launched the latest version of its flagship S3 Authentication Suite, delivering four new capabilities for the platform. One of the new features is designed to help organizations adapt to the emergence of passkeys, an authentication innovation that essentially turns an end user's smartphone into a passcode vault for their various online accounts, and locks it behind their device's biometric sensors. The S3 Suite now enables organizations to configure authentication rules to detect when new devices are being used for passkey authentication and verify that the end user is the legitimate account holder. The platform also now enables organizations running e-commerce sites to let their customers easily sign in with a passkey, helping to reduce friction and prevent cart abandonment. Also of interest to online retailers will be a new payment verification mechanism that lets the customer confirm a transaction with their device's biometric systems. Support for this W3C Secure Payment Confirmation (SPC) has been added to the EMVCo 3D Secure specification, which is widely used for online card-based payments. Finally, the upgraded S3 Suite also features a system to let organizations track the physical security keys they have issued to their employees, enabling them to ensure that a given user is trying to log in with the key they were provided and not a third-party device. Nok Nok is positioning this capability as one that will be of particular interest to organizations in highly regulated industries such as healthcare and insurance. "We co-founded the FIDO Alliance to make it easier to implement strong, passwordless authentication solutions for consumers and enterprises," said Nok Nok CEO Phil Dunkelberger. "Now, we are expanding our offering to companies in key regulated sectors that need to be able to quickly and efficiently respond to the evolving regulations coming from the US and foreign governments." Beyond the commercial sector, Nok Nok has also indicated a growing interest in bringing its authentication and identity security solutions to the public sector. Toward the end of last year, the company established a strategic partnership with UberEther, a provider of identity and access management tools to the federal government, explaining at the time that it would deliver "innovative cybersecurity capabilities" to UberEther's AIM Advantage platform.](https://mobileidworld.com/wp-content/uploads/iStock_selfie-e1462481480710-300x225.jpg)
The company is reporting a 20 percent year-over-year revenue increase for fiscal 2022, with sales amounting to $143.9 million. For the fourth quarter, revenues were up 17 percent year-over-year, reaching $38.8 million.
In announcing the results, Mitek attributed the revenue increase both to additional sales resulting from its acquisition of HooYu and to increased demand for its own “digital identity verification and deposits solutions,” noting that “commerce continues its rapid shift to digital channels.”
San Diego-based Mitek bought London’s HooYu in an all-cash transaction valued at GBP 98 million, or about $129.2 million USD. Both companies specialize in selfie-based identity verification technology, but in an announcement of the deal, they explained that their merger would offer clients “a more complete picture of the consumer by marrying biometrics, ID document validation, geolocation and identity confidence scoring with real-time data signals such as bureau checks or matches to politically exposed person or sanction lists.”
Other business highlights noted in Mitek’s fiscal update include the launch of its Verified Identity Platform, or “MiVIP”, which the company says “delivered improved unit economics”; and the launch of MiPass, a multimodal smartphone app that supports both voice and facial recognition.
As for Mitek’s bottom line, the company is reporting a net loss of about $311,000 for the fourth quarter, compared to an income of $1.8 million in the corresponding quarter of fiscal 2021; and a net income of just over $3 million for fiscal 2022, compared to a net result of nearly $8 million the year before.
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(Originally published on FindBiometrics)
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