Mitek Systems

Last updated
Mitek Systems, Inc.
Company type Public
Nasdaq:  MITK
Russell 2000 Component
Industry Identity Verification Services
Founded1986
Headquarters
San Diego California
,
USA
Key people
Max Carnecchia (CEO); Cindy White (CMO); David Lyle (CFO); Chris Briggs (SVP Identity)
Website www.miteksystems.com

Mitek Systems, Inc is a software company that specializes in digital identity verification and mobile image processing using artificial intelligence. The company's software is used for depositing checks and opening bank accounts via mobile devices. [1] [2] It also verifies identity documents such as passports, ID cards, and driver's licenses by analyzing a selfie of an individual holding their ID, comparing their face to the photo on the document. [3]

History

The company was founded in 1986, and is headquartered in San Diego, California. [4]

In 2011, it was announced that Mitek intended to expand into mobile imaging software for the health care and insurance industries, in addition to mobile banking. [5]

In 2014, USAA and Mitek Systems, Inc. settled a 2+1⁄2-year-old dispute over the invention of the technology used for mobile check deposits, with both companies' patents remaining intact and neither side paying the other. [6]

On May 26, 2015, the company acquired IDchecker, a provider of cloud-based identity document verification and facial recognition products. [7]

On October 16, 2017, the company acquired Icar Vision Systems, a Spanish company specializing in customer identity verification. [8]

In August 2023, Mitek revealed that it had received a delisting notice from the Nasdaq Stock Market due to its failure to file quarterly with the U.S. Securities and Exchange Commission on time. The company presented a new plan for compliance to Nasdaq. [9]

In 2012, Mitek sued the USAA (United Services Automobile Association) in Delaware on several counts relating to five Mitek patents relating to mobile image capture and breaching licensing agreements. [10] The lawsuit was settled in September 2014 with no payments and both parties acknowledging that each has distinct patent rights. [11]

revived in 2022 by a U.S. appeals judge who claimed the former judge’s logic was "not sufficiently complete" and he should reexamine the case. [12]

HyreCar, an app that allows car owners to rent out their vehicles for drivers, uses Mitek technology to verify users’ identities. It requires its customers to sign an arbitration agreement so they can’t sue the company for violating an Illinois biometric privacy law.

HyreCar customer Joshua Johnson claimed that Mitek violated the Illinois biometric law by collecting and storing driver information. Mitek sought to take the case to arbitration to avoid being sued in court, but in December 2022, the 7th U.S. Circuit Court of Appeals upheld a previous ruling that Mitek is not included in HyreCar’s arbitration cause and can be sued in court. [13]

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References

  1. ↑ "This guy just saved big banks on Wall Street $620M". New York Post. 2016-07-13. Retrieved 2018-05-17.
  2. ↑ CNBC.com, Elaine Pofeldt, Special to (2013-09-17). "It's simple 'apponomics': Cash is no longer king". CNBC. Retrieved 2018-05-21.{{cite news}}: CS1 maint: multiple names: authors list (link)
  3. ↑ "Fintech Spawns Regtech to Automate Compliance With Regulations". www.bna.com. Retrieved 2018-05-21.
  4. ↑ "MITK Company Profile & Executives - Mitek Systems Inc. - Wall Street Journal". quotes.wsj.com. Retrieved 2018-03-21.
  5. ↑ "Mitek Extends Check Imaging Tech to Health Care, Insurance". PCWorld. Retrieved 2018-05-21.
  6. ↑ "Mitek, USAA End Dispute Over Mobile Deposit Patents". American Banker. Retrieved 2018-03-21.
  7. ↑ "Mitek acquires IDchecker for mobile identity services". www.mobilepaymentstoday.com. 2015-05-27. Retrieved 2018-03-21.
  8. ↑ "Mitek Systems Acquires Spanish Company". San Diego Business Journal. Retrieved 2018-03-21.
  9. ↑ "CORRECTING and REPLACING Mitek Announces Receipt of Notice from Nasdaq and Provides Update on Nasdaq Listing". www.businesswire.com. 2023-08-16. Retrieved 2023-11-29.
  10. ↑ "Press Release". www.sec.gov. Retrieved 2023-11-29.
  11. ↑ Inc, Mitek Systems (2014-09-03). "USAA and Mitek Settle Lawsuit". GlobeNewswire News Room. Retrieved 2023-11-29.{{cite web}}: |last= has generic name (help)
  12. ↑ Brittain, Blake (2022-05-20). "USAA loses round in Mitek mobile-banking patent fight". Reuters. Retrieved 2023-11-29.
  13. ↑ Wiessner, Daniel (2022-12-21). "Screening company must face biometric privacy claims in court - appeals panel". Reuters. Retrieved 2023-11-29.
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