San Diego-based Mitek has inked an agreement to acquire Netherland’s-based IDchecker, a global provider of cloud based identity document verification and facial recognition solutions.
The deal is for an aggregate purchase price of up to $10.6 million, of which $5.85 million will be payable in cash, $2.75 million in Mitek common shares at the close of the acquisition.
The agreement solidifies Mitek’s position as the global leader in mobile capture and identity solutions for customer acquisition plus IDchecker’s cloud based platform deepens Mitek’s ID verification capabilities.
The deal increases Mitek’s global presence and adds customers in international payments, financial services and information services.
Additionally, it includes auto capture patent and facial recognition technology and expands global ID document coverage with more than 3,500 document types.
Headquartered in Haarlem, The Netherlands, IDchecker is a cloud based identity verification provider whose customers include a large international money transfer service, a leading worldwide payments company, and a preeminent global information services provider. In addition to financial services and payments companies, IDchecker provides its ID verification solutions for employment verification, gaming and ecommerce.
IDchecker is trusted by clients to help them achieve their compliance requirements and improve client onboarding processes.
IDchecker’s Strong ID product authenticates 3,500 different types of passports, driver licenses and identity cards from nearly every country in the world. The company’s proprietary identity document authenticity verification can be combined with its Facelink facial recognition technology. This multi-factor identity verification enables organizations to confirm the authenticity of the document and match it to the person presenting it during a mobile transaction. Customers using Strong ID dramatically improve mobile customer acquisition while meeting stringent Know Your Customer (KYC) requirements.
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