Mitek, a US-based mobile capture and identity verification solutions provider, has purchased French artificial intelligence (AI) and image analysis specialist A2iA in a cash and stock deal valued at €42.5m.
Through this acquisition, Mitek intends to expand its market presence by clubbing the technological expertise of both companies.
Mitek noted that its software has been implemented in 6,100 US banks, including all 10 of the top 10 largest US financial institutions.
Similarly, A2iA’s software has been integrated by top US banks as well as 100% of UK banks, 90% of French banks, 90% of Brazilian banks and over 75,000 ATMs across the globe.
A2iA leverages artificial intelligence and machine learning to create proprietary algorithms that process millions of cheques, IDs and documents daily for banks, insurance companies, mobile operators, retailers, healthcare providers and governments in over 42 countries and 11 languages.
Mitek CEO and chairman James DeBello said: “With the addition of A2iA’s technology and team, Mitek’s digital identity verification platform will extend its lead in the industry.
“Mitek’s Mobile Verify product will be able to read government-issued identity documents even more accurately and quickly than today, and authenticate them using A2iA’s advanced AI algorithms, thereby increasing companies’ trust that their customers are who they say they are.”
The deal is also expected to double the size of the existing Mitek Labs team, making it the largest private research group of PhD scientists in computer vision, machine learning and artificial intelligence for this industry.
DeBello added: “As today’s headlines demonstrate, verifying identity and creating trust in digital channels at scale is vitally important and a continuing challenge. The combination of Mitek and A2iA defines the new leading edge in AI for document and identity verification.”
In October 2017, Mitek acquired ICAR to strengthen its position in the increasingly competitive global digital identity verification sector.