A new acquisition is helping Mitek’s bid to solidify itself as a global leader in mobile capture and identity solutions.
This move is their definitive agreement to acquire IDchecker, a global provider of cloud-based identity document verification and facial recognition solutions.
Their union, which cost Mitek an aggregate purchase price of $10.6 million, propels Mitek into the multi-factor authentication market. Analysts have projected that this market will be worth $10.75 billion by 2020.
With mobile channels becoming more popular for financial services and other transactions, these two companies coming together promise to deliver solutions that are safer and more secure across mobile channels.
Michael Hagen, Chief Executive Officer of IDchecker is enthusiastic about the joining of forces and says “The Mitek-IDchecker combination is an excellent strategic pairing, providing an arsenal of mobile identification options that are optimized for today’s digital sales and account origination requirements.” He will be joining Mitek as the managing director of IDchecker and Corporate ID Strategist.
Businesses stand to benefit the most from this partnership, as they can remotely and safely acquire new customers on active mobile channels. For customers, reliable identity verification will help reduce the risks of transacting on mobile devices.