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Mitek Acquires ICAR for $15 Million

Mobile capture and identity solutions company Mitek Systems scored a win for its identity verification arm this week. The company has acquired Barcelona-based ICAR for $15 million (€12.75 million).

In addition to strengthening Mitek’s position in the consumer identity and access management market, the move is expected to bolster the company’s stance overall in the industry. The acquisition will enable Mitek to offer extensive identity document coverage in North America, Europe, and Latin America and will increase Mitek’s capabilities with several new factors of authentication. Additionally, Mitek can now enable customer onboarding and authentication on both web and mobile interfaces.

“The technical and cultural fit between ICAR and Mitek is a tremendous opportunity to maximize value for shareholders, while expanding our mission to bring the highest quality user experience and digital identity verification solutions to our customers globally,” said James B. DeBello, Chief Executive Officer of Mitek and Chairman of the Mitek Board of Directors.

ICAR was founded in 2002 and facilitates more than 20 million identity validations per year. The company is headquartered in Barcelona with offices in Madrid, São Paulo, and Mexico City. ICAR is a spin-off of Computer Vision Center of the Universitat Autónoma de Barcelona which, combined with researchers from Mitek Labs, will boost Mitek’s expertise in how machine learning and computer vision enhance digital identity verification.

At FinovateEurope 2017, ICAR’s CEO Xavier Codó and CMO Mariona Campmany demonstrated the company’s IDMobile solution that analyzes factors such as the consumer’s geolocation, email address, social networks and compares them with the user’s selfie and ID photo. Check out an interview we conducted with Campmany earlier this year.

Mitek recently demoed its MobileVerify solution at FinovateFall 2017. The company is publicly traded on NASDAQ under the ticker “MITK”. Mitek was founded in 1985 and is headquartered in San Diego, California. Last month, the company began leveraging near field communication (NFC) technology to add another factor of authentication by reading data held on RFID chips embedded into documents.