Mitek Systems, whose fiscal year ends in September, recently released its year-end earnings and client numbers, along with a hint towards a strategy move.
Janney Capital's report details the highlights:
- Earned $10.3 million in revenue in the 2011 fiscal year. This is double its $5.1 million 2010 revenue.
- Increased revenue by $1.4 million from Q4 2010 ($1.6 million) to Q4 2011 ($3.0 million)
- Reported that the number of signed financial institutions sprang from 80 to 161 in the final quarter of 2011. This doubles its customer base, which includes 7 of the top 10 U.S. Banks.
- Acted on its plan to enter the insurance vertical market by signing Progressive as a customer.
- Announced that an unnamed, tier 1 bank will introduce Mitek's Photo Bill Pay product to its customers in the near future
Mitek's customer base includes:
- Experienced 40% mobile deposit adoption in 6 months
- This is Mitek's first step into the insurance vertical world
- Launched Mitek's Mobile Deposit in September 2011
- Available only to commercial customers
- Available to both private and commercial customers.