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Mitek Systems, Inc. (MITK) is a technology company that develops and sells software solutions primarily focused on mobile deposit and identity verification. The company offers a range of software and hardware products, as well as services, to facilitate secure and efficient financial transactions. Mitek's offerings include innovative technologies such as Mobile Deposit® and IDLive® software products, which are integral to their business operations.
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Deposits - Provides software and hardware products, including Mobile Deposit®, to facilitate secure and efficient deposit transactions.
- Deposits Software & Hardware - Offers solutions for mobile and remote deposit capture.
- Deposits Services & Other - Includes maintenance and support services related to deposit solutions.
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Identity Verification - Delivers software and hardware products, such as CheckReader™ and IDLive®, for verifying identities and preventing fraud.
- Identity Verification Software & Hardware - Supplies tools for identity verification and fraud prevention.
- Identity Verification Services & Other - Offers SaaS-based solutions and other services to enhance identity verification processes.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Scott Carter ExecutiveBoard | Interim Chief Executive Officer | Board Member at Guardinex, Inc. and LendingUSA | Scott Carter became Interim CEO on June 1, 2024. He has held various leadership roles at Mitek, including Executive Chair, and has extensive experience in fraud and identity solutions. | |
Christopher Briggs Executive | Chief Product Officer | Professor at Seneca College; Thought Leader at Forbes Technology Council | Christopher Briggs joined Mitek in April 2022 as Chief Product Officer. He previously held leadership roles at Airside, Equifax, and Experian. | |
David Lyle Executive | Chief Financial Officer | None | David Lyle joined as CFO on January 2, 2024. He has over 16 years of public company CFO experience and has held leadership roles at companies like Maxwell Technologies and Airgain. | |
Edward H. West Executive | Chief Executive Officer | None | Edward H. West became CEO on October 1, 2024. He has extensive leadership experience, including as CEO of Cardtronics and CFO of Delta Air Lines. | |
Jason L. Gray Executive | Chief Legal Officer | Board Member at OneLegacy | Jason L. Gray has served as Chief Legal Officer since January 2023. He has extensive legal experience, including roles at Gradient Legal and Accelrys. | |
Michael E. Diamond Executive | SVP, General Manager—Digital Banking | None | Michael E. Diamond has been with Mitek since 2012 and currently leads the Digital Banking division. He has prior experience at Alphablox and IBM. | |
James D. Fay Board | Director | CFO at Matterport | James D. Fay joined as a director on October 21, 2024. He is also the CFO of Matterport and has extensive experience in scaling technology companies and leading IPOs. | |
Rahul Gupta Board | Director | Board Member at Corpay, Fleetcor, Amount, Exact Payments, SavvyMoney, and Capital Good Fund; Advisor at NYCA, Advent International, Platform Partners, and StoicLane | Rahul Gupta has been a director since March 2022. He has over 35 years of experience in financial services and fintech, with expertise in corporate governance and strategic planning. | |
Susan Repo Board | Director | CFO at ICEYE; Board Member at Matterport, GM Financial Bank, Call2Recycle, and Fiskars Group | Susan Repo has been a director since June 2021. She is currently CFO at ICEYE and serves on multiple boards, including Matterport and GM Financial Bank. |
- Given that your identity products contributed $68.5 million in revenue in fiscal '24 , and you mentioned achieving profitability at $80-$85 million, with expectations to reach that in fiscal '26 , what are the specific challenges preventing you from accelerating profitability in the identity segment sooner?
- With the planned reductions in spend in the identity business despite its strategic importance , how do you plan to balance the need for investment in innovation and growth with cost efficiencies without compromising your competitive edge?
- You have a dominant position in mobile check deposit with over 7,000 out of 8,700 banks using your solution ; can you elaborate on your pricing strategy and whether there is potential for leveraging your market position to drive revenue growth through price increases?
- As you transition some Check Fraud Defender customers from on-premise to SaaS, you anticipate GAAP revenue headwinds ; how significant is this impact expected to be, and how will it affect your overall revenue growth targets for fiscal '25?
- Considering that you are focusing on integrating acquired technologies and consolidating multiple identity verification systems , what are the risks associated with this integration process, and could it lead to further delays or increased costs in achieving your profitability goals in the identity segment?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
HooYu Ltd | 2022 |
Recent press releases and 8-K filings for MITK.
- Record Q2 performance: Delivered record revenue of $51.9 million and record GAAP net income of $9.2 million .
- SaaS strength: Achieved 15% YoY growth with SaaS revenue now comprising 40% of LTM revenue, bolstering identity verification and fraud management solutions .
- Guidance update: Maintained full-year revenue guidance of $170–180 million and raised adjusted EBITDA margin guidance to 26%–29% for fiscal 2025 .
- Debt management: Secured a new $75 million term loan facility to retire 2026 convertible notes, enhancing financial flexibility .
- Identity portfolio progress: Last 12 months' identity revenue reached $71.4 million, with identity SaaS revenue growing 9% YoY .
- Check Fraud Defender traction: ACV nearly reached $13 million with U.S. checking account data coverage rising from 18% to 23% .
- Mitek Systems Inc filed an 8-K report on March 8, 2025, detailing key events including the SEC Enforcement Staff’s findings, with no enforcement action being recommended.
- The report also includes the financial statements and exhibits, notably featuring an interactive data file in iXBRL format.