Mitek Systems Inc., a publicly traded San Diego-based company that makes software to verify that people are who they say they are online, has acquired A2iA SAS for about $50 million in cash and shares of Mitek stock.
A2iA is a global artificial intelligence (AI) and image analysis company with offices in Paris and New York.
The San Diego-based company (Nasdaq: MITK) announced the transaction May 23.
Mitek’s digital identity verification software is used in 6,100 U.S. banks, including the nation’s top 10 largest financial institutions, the company said. Top U.S. banks also use A2iA software, as do all U.K. banks and 90 percent of the banks in France and in Brazil, the company said.
Using A2iA’s advanced AI algorithms, Mitek’s digital identity verification product, called Mobile Verify, will read government-issued identity documents “even more accurately and quickly than today,” Mitek’s James DeBello, CEO and chairman, said in a news release about the acquisition.
The deal doubles the size of Mitek Labs, the company’s research group, and creates the industry’s largest team of private PhD researchers in computer vision, machine learning and artificial intelligence, Mitek said. The company’s 39 patents originated from Mitek Labs, it said.
“The acquisition of A2iA combines two market leaders in image recognition and processing, creating a powerful force with a deep expertise in image analytics,” said Bob Meara, a senior analyst at Celent, in the news release.
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