The digital identity verification company has bought A2iA for EUR 42.5 million in cash and shares of Mitek’s common stock. Mitek software is deployed in 6,100 US banks and financial institutions. A2iA’s software is also used by US banks as well as 100% of UK banks, 90% of French banks, 90% of Brazilian banks and more than 75,000 ATMs worldwide, according to the official press release.
A2iA uses artificial intelligence and machine learning to create proprietary algorithms that process millions of checks, IDs and documents each day for banks, retailers, insurance companies, mobile operators, healthcare providers and governments in more than 42 countries and 11 languages.
In acquiring A2iA’s Research Labs, the identity verification company doubles the size of the existing Mitek Labs team, forming the largest private research group of PhD scientists in computer vision, machine learning and artificial intelligence for this industry, the press release added.
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