Mitek Systems

Mitek is a global leader in mobile capture and identity verification software solutions. The Company offers Mobile Deposit, a software that allows users to remotely deposit a check using their camera-equipped smartphones or tablets; Mobile Photo Account Opening, a product, which enables users to open a checking, savings, or credit card account by capturing an image of the front and back of their driver’s license; and Mobile Photo Payments, a mobile direct bill pay solution that enables users to pay bills by taking a photo of their bill followed by a photo of the check or credit/debit card being used to pay the bill. It also provides Mobile Photo Bill Pay, a mobile bill payment product, which allows users to pay their bills using their camera-equipped smartphone or tablet; and Mobile Balance Transfer that allows credit card issuers to transfer an existing credit card balance by capturing an image of the user’s current credit card statement, as well as maintenance and support services. 

Company Growth (employees)
San Diego, US
Size (employees)
104 (est)+36%
Mitek Systems was founded in 1985 and is headquartered in San Diego, US

Key People at Mitek Systems

Russell C. Clark

Russell C. Clark

Chief Financial Officer

Mitek Systems Office Locations

Mitek Systems has offices in San Diego, Haarlem and London
San Diego, US (HQ)
600 B St
London, GB
3 London Bridge St
Haarlem, NL
44 Tingietersweg

Mitek Systems Data and Metrics

Mitek Systems Financial Metrics

Mitek Systems's revenue was reported to be $34.7 m in FY, 2016 which is a 37% increase from the previous period.

Revenue (FY, 2016)

34.7 m

Revenue growth (FY, 2015 - FY, 2016), %


Gross profit (FY, 2016)

31.3 m

Gross profit margin (FY, 2016), %


Net income (FY, 2016)

2 m

EBIT (FY, 2016)

1.8 m

Market capitalization (21-Jul-2017)

360.3 m

Cash (30-Sep-2016)

9 m


351.3 m
Mitek Systems's current market capitalization is $360.3 m.
USDFY, 2013FY, 2014FY, 2015FY, 2016


14.8 m19.2 m25.4 m34.7 m

Revenue growth, %


Cost of goods sold

1.6 m2.1 m2.5 m3.4 m

Gross profit

13.2 m17 m22.9 m31.3 m

Gross profit Margin, %


Sales and marketing expense

5.9 m6.8 m6.5 m10.9 m

R&D expense

6.8 m6 m5.6 m7.8 m

General and administrative expense

7.9 m9.6 m7.6 m8.6 m

Operating expense total

22.1 m24.6 m23.5 m32.9 m


(7.3 m)(5.4 m)1.9 m1.8 m

EBIT margin, %


Pre tax profit

(7.3 m)(5.3 m)2 m2 m

Income tax expense

1.1 k2 k543 k1 k

Net Income

(7.3 m)(5.3 m)2.5 m2 m
USDFY, 2013FY, 2014FY, 2015FY, 2016


23.3 m7.8 m2.8 m9 m

Accounts Receivable

1.5 m3 m3.9 m4.9 m

Current Assets

31.2 m27.7 m31.4 m40.3 m


1.6 m1.3 m975.3 k440 k


2.9 m2.9 m

Total Assets

32.9 m31.1 m38.7 m48.4 m

Accounts Payable

1.9 m1.8 m1.5 m1.3 m

Current Liabilities

5.8 m6.2 m7.4 m8.3 m

Total Liabilities

7.1 m7.2 m8.3 m8.9 m

Additional Paid-in Capital

56.4 m59.9 m63.9 m71 m

Retained Earnings

(30.7 m)(36 m)(33.5 m)(31.5 m)

Total Equity

25.7 m23.9 m30.4 m39.5 m



Financial Leverage

1.3 x1.3 x1.3 x1.2 x
USDFY, 2013FY, 2014FY, 2015FY, 2016

Net Income

(7.3 m)(5.3 m)2.5 m2 m

Depreciation and Amortization

323.4 k470.7 k605.7 k1.4 m

Accounts Receivable

(391.5 k)(1.5 m)(566.1 k)(1 m)

Accounts Payable

1.2 m(83.6 k)(448.8 k)(222 k)

Cash From Operating Activities

(615.1 k)(2.5 m)6.1 m7.9 m

Purchases of PP&E

(1.5 m)(135.5 k)(73.1 k)(250 k)

Cash From Investing Activities

570.9 k(13.1 m)(11.3 m)(3.3 m)

Cash From Financing Activities

16.6 m51.4 k225.5 k1.7 m

Interest Paid

8.1 k6.1 k3.9 k1 k

Income Taxes Paid

1.1 k2.2 k104.9 k17 k
Y, 2016


192.6 x


44.7 x

Financial Leverage

1.2 x

Mitek Systems Operating Metrics

Mitek Systems's Users was reported to be 80 m in FY, 2017. Mitek Systems's Enterprise Customers was reported to be 5.6 k in FY, 2017
FY, 2014FY, 2015FY, 2016FY, 2016FY, 2017May, 2017

Patents (US)


Patents Pending


Enterprise Customers

3.03 k4.5 k5.4 k5.6 k

Patents (foreign)



60 m



Patents Issued


Additional Applications Daily (Mobile Verify)

1 k


80 m

Mitek Systems Market Value History

Mitek Systems Online and Social Media Presence

Mitek Systems Company Life and Culture

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