Mitek Systems

OverviewSuggest Edit

Mitek Systems is a company specializing in mobile capture and digital identity verification solutions. It offers Mobile Deposit, a solution that enables individuals and businesses to remotely deposit checks using camera-equipped smartphone or tablet; Mobile Verify, an identity verification solution that can be integrated into mobile apps, mobile websites, and desktop applications; Mitek MiSnap, a mobile-capture software development kit that enables an intuitive user experience and instant capture of images of identity documents and checks; and other products. The company serves financial services organizations and marketplace and financial technology brands.

TypePublic
Founded1985
HQSan Diego, CA, US
Websitemiteksystems.com
Employee Ratings3.8
Overall CultureB+

Latest Updates

Employees (est.) (Sept 2021)448(+25%)
Job Openings6
Revenue (FY, 2021)$119.8 M(+19%)
Share Price (Jul 2022)$10.9(+21%)
Cybersecurity ratingCMore
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Key People/Management at Mitek Systems

Max Carnecchia

Max Carnecchia

Chief Executive Officer and Board Member
Stephen Ritter

Stephen Ritter

Chief Technology Officer
Frank Teruel

Frank Teruel

Chief Financial Officer
Michael Diamond

Michael Diamond

General Manager, Senior Vice President Digital Banking
Cindy White

Cindy White

Chief Marketing Officer
Bruce Hansen

Bruce Hansen

Chairman of the Board
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Mitek Systems Office Locations

Mitek Systems has offices in San Diego, New York, Paris, Amsterdam and in 2 other locations
San Diego, CA, US (HQ)
600 B Street, Suite 100
New York, NY, US
1350 Broadway #605
Paris, FR
14 Bd de la Madeleine
Amsterdam, NL
Motion Building Radarweg 60
Barcelona, ES
Ronda Can Fatjó, 11 Edificio A1 Planta 1
London, GB
Fora 180 Borough High Street
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Mitek Systems Financials and Metrics

Mitek Systems Revenue

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Mitek Systems's revenue was reported to be $119.8 m in FY, 2021 which is a 18.2% increase from the previous period.
USD

Revenue (Q2, 2022)

34.7m

Gross profit (Q2, 2022)

31.4m

Gross profit margin (Q2, 2022), %

90.5%

Net income (Q2, 2022)

1.9m

EBIT (Q2, 2022)

4.8m

Market capitalization (29-Jul-2022)

485.5m

Closing stock price (29-Jul-2022)

10.9

Cash (31-Mar-2022)

24.0m

EV

593.3m
Mitek Systems's current market capitalization is $485.5 m.
Annual
USDFY, 2019FY, 2020FY, 2021

Revenue

84.6m101.3m119.8m

Revenue growth, %

33%20%18%

Cost of goods sold

12.3m13.2m14.5m

Gross profit

72.3m88.1m105.3m
Quarterly
USDQ1, 2020Q2, 2020Q3, 2020Q1, 2021Q2, 2021Q3, 2021Q3, 2021Q1, 2022Q2, 2022

Revenue

22.1m23.2m25.4m26.0m28.8m17.0m31.8m32.5m34.7m

Cost of goods sold

2.9m3.2m3.5m4.1m3.8m293.0k3.4m3.4m3.3m

Gross profit

19.1m20.0m21.9m21.8m25.0m28.4m29.1m31.4m

Gross profit Margin, %

87%86%86%84%87%89%90%90%
Annual
USDFY, 2019FY, 2020FY, 2021

Cash

16.7m20.0m30.3m

Accounts Receivable

14.9m15.6m16.6m

Prepaid Expenses

1.5m1.3m1.9m

Current Assets

54.1m84.1m204.1m
Quarterly
USDQ1, 2020Q2, 2020Q3, 2020Q1, 2021Q2, 2021Q3, 2021Q1, 2022Q2, 2022

Cash

14.8m16.9m18.9m26.7m53.9m40.5m24.2m24.0m

Accounts Receivable

12.9m13.7m12.9m12.7m14.2m18.6m16.9m23.9m

Prepaid Expenses

2.0m1.6m2.0m1.5m2.1m2.0m2.5m2.4m

Current Assets

51.8m55.4m69.0m87.5m207.2m205.2m188.3m94.5m
Annual
USDFY, 2019FY, 2020FY, 2021

Net Income

(724.0k)7.8m8.0m

Depreciation and Amortization

8.4m7.9m8.9m

Accounts Payable

28.0k277.0k(1.6m)

Cash From Operating Activities

14.3m24.1m37.3m
Quarterly
USDQ1, 2020Q2, 2020Q3, 2020Q1, 2021Q2, 2021Q3, 2021Q1, 2022Q2, 2022

Net Income

560.0k1.5m2.8m2.2m3.2m6.2m3.1m5.0m

Depreciation and Amortization

2.0m3.9m5.9m2.1m4.1m6.4m2.5m5.1m

Accounts Payable

677.0k(635.0k)724.0k(501.0k)(1.0m)(1.4m)80.0k2.4m

Cash From Operating Activities

5.2m8.4m17.4m8.7m16.1m25.0m2.3m9.7m
USDFY, 2019

Revenue/Employee

311.0k

Financial Leverage

1.3 x

P/E Ratio

(482.5)
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Mitek Systems Operating Metrics

Mitek Systems's Enterprise Customers was reported to be 7.5 k in FY, 2021.
FY, 2014FY, 2015FY, 2016FY, 2017FY, 2018FY, 2019FY, 2020FY, 2021

Enterprise Customers

3.03 k4.5 k5.4 k5.9 k6.1 k6.5 k7.5 k7.5 k

Patents (US)

2022273549576777

Patents Pending

23161621252018

Trademarks

191538383838

Mitek Systems Acquisitions / Subsidiaries

Company NameDateDeal Size
HooYuMarch 23, 2022£98 m
ID R&DJune 01, 2021$49 m
A2iaMay 23, 2018$26.8 m
ICAROctober 16, 2017$13.9 m
IDcheckerMay 26, 2015$10.6 m
A2iA Corp.
A2iA LLC
A2iA SAS
ICAR Mexico, Business Identity Intelligence S.A.
ICAR Sistemas Informaticos e de Identificacao LTDA
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Mitek Systems Revenue Breakdown

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Mitek Systems revenue breakdown by business segment: 49.9% from Service and Others and 50.1% from Software and Hardware

Mitek Systems Cybersecurity Score

Cybersecurity ratingPremium dataset

C

77/100

SecurityScorecard logo

Mitek Systems Environment, Social & Governance (ESG) Ratings

CSRHub ESG ratingPremium dataset

40-49

out of 100

CSRHub logo

Mitek Systems Online and Social Media Presence

Embed Graph

Mitek Systems Company Culture

  • Overall Culture

    B+

    77/100

  • CEO Rating

    A+

    86/100

  • Compensation

    A+

    86/100

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Mitek Systems News and Updates

USAA loses round in Mitek mobile-banking patent fight

A U.S. appeals court on Friday revived a lawsuit by Mitek Systems Inc seeking a judgment that its mobile check-deposit software does not violate United Services Automobile Association's patent rights

Mitek Appoints Industry Veteran Chris Briggs as Head of Product

Mitek (NASDAQ: MITK), a global leader in digital identity solutions, today announced that industry veteran Chris Briggs has been named Head of Product to expand and advance the company’s biometric and fraud detection capabilities. Briggs will steer Mitek’s product strategy including integrations ste…

Mitek delivers 21% year over year revenue growth and transformative acquisition of orchestration provider during the quarter

Mitek (NASDAQ: MITK, www.miteksystems.com), “Mitek” or the “Company”), a global leader in digital identity (ID) and fraud prevention solutions, today reported financial results for its second quarter of fiscal 2022 ended March 31, 2022. Total revenue increased 21% year over year as commerce continue…

Mitek acquires UK-based HooYu in all cash GBP 98 million deal

Financial institutions now get combined biometrics, KYC and identity verification tools in one powerful identity orchestration platform.

Mitek acquires ID R&D to lead fight against biometric identity fraud

Consumer adoption of biometric security technologies skyrockets SAN DIEGO, CA, June 1, 2021 – Mitek (NASDAQ: MITK), a global leader in digital identity verification, today announced that it has acquired ID R&D, an award-winning provider of artificial intelligence (AI)-based voice and face biomet…

Mitek Systems Inc. (MITK) Soars 3.07% on November 26

Mitek Systems Inc. is a Mitek Systems Inc offers mobile capture and identity verification software solutions for enterprises.
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Mitek Systems Blogs

New white paper “Biometrics and bias: the science of inclusivity”

by Cindy WhiteCindy White, CMO at Mitek Systems, shines the spotlight on our new white paper that reveals how to fight biometric bias, featuring conversations with thought leaders Stephen Ritter and Alexey Khitrov.

GPG 45 can help your business establish trust in digital identity

The COVID-19 pandemic has been a catalyst for digital adoption across the UK for businesses and consumers alike. However, the increase in digital usage has brought a combination of opportunities and challenges, especially for organizations in banking and fintech. Particularly challenging has been th…

How do banks and credit unions verify checks?

There is a need for bank security technologies to catch up to the speed at which check fraud methods are evolving. Read more on how banks verify checks.

May the 4th be with you: true identities of Star Wars favs

The importance of personal identity has never been more felt than in recent years. We hear stories left and right about the latest privacy issues, data breaches, and identity theft cases being investigated. It’s understandable why people are feeling increasingly uneasy about the safety of their pe…

Advantages and disadvantages of reusable digital identity

Imagine this common scenario: You’re at the airport, ready to check-in and board your flight. You know the drill. Show your passport and boarding pass, check-in your bags, and go through security. It’s the same process no matter which airport you’re in.
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Mitek Systems Frequently Asked Questions

  • When was Mitek Systems founded?

    Mitek Systems was founded in 1985.

  • Who are Mitek Systems key executives?

    Mitek Systems's key executives are Max Carnecchia, Stephen Ritter and Frank Teruel.

  • How many employees does Mitek Systems have?

    Mitek Systems has 448 employees.

  • What is Mitek Systems revenue?

    Latest Mitek Systems annual revenue is $119.8 m.

  • What is Mitek Systems revenue per employee?

    Latest Mitek Systems revenue per employee is $267.4 k.

  • Who are Mitek Systems competitors?

    Competitors of Mitek Systems include Veriff, IDNow and Jumio.

  • Where is Mitek Systems headquarters?

    Mitek Systems headquarters is located at 600 B Street, Suite 100, San Diego.

  • Where are Mitek Systems offices?

    Mitek Systems has offices in San Diego, New York, Paris, Amsterdam and in 2 other locations.

  • How many offices does Mitek Systems have?

    Mitek Systems has 6 offices.