The aggregated purchase price is up to USD 10.6 million, of which USD 5.85 million will be payable in cash, USD 2.75 million in Mitek common shares at the close of the acquisition, and, subject to the achievement of certain revenue and net income targets for IDchecker through September 30, 2016, up to an additional USD 2 million in Mitek common shares.
The combination of Strong ID with Mitek’s recently launched Photo Verify technology and its proven, superior MiSnap user experience will verify ID documents worldwide with the intuitive use of the camera. The combined technologies are capable of doubling or tripling the yield from digital customer acquisition efforts via the mobile channel.
Headquartered in the US, Mitek is a provider of mobile capture and identity solutions for customer acquisition. Mitek’s patented mobile photo technology automatically captures images of financial and personal documents and then extracts relevant data. This enables consumers to use the Camera as a Keyboard to reduce friction for mobile check deposit, account opening, bill payment, insurance quoting, and many other use cases.
IDchecker was established in 2004 and it has become a global identity verification company with worldwide document coverage. It is trusted by businesses to help them achieve their compliance requirements and improve client onboarding processes.
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