Downtown-based Mitek Systems Inc. said it acquired Icar Vision Systems S.L., a Spanish company specializing in customer identity verification. Icar’s technology also prevents document forgery and mitigates the risk of fraud.
Mitek (Nasdaq: MITK) may end up paying as much as $15 million in cash and Mitek stock, provided that Icar meets sales goals over the next two years.
“The acquisition of Icar strengthens Mitek’s position as a global digital identity verification powerhouse in the consumer identity and access management (CIAM) solutions market,” Mitek said in a statement.
Icar was founded in 2002 as a spinoff of the Computer Vision Center of the Universitat Autónoma de Barcelona. It does business in more than 30 countries.
Mitek announced its acquisition on Oct. 16.