Mitek Acquires ICAR, Strengthing Its Position As A Global Leader In Digital Identity Verification

Mitek Acquires ICAR, Strengthing Its Position As A Global Leader In Digital Identity Verification
17.10.2017 09:08 am

Mitek Acquires ICAR, Strengthing Its Position As A Global Leader In Digital Identity Verification

Security , Data Protection , Compliance , Security , Authentication Technology , M&A Deals

Mitek (NASDAQ: MITK,, a global leader in mobile capture and digital identity verification software solutions, today announced that it has acquired ICAR, a leading provider of consumer identity verification solutions in Spain and Latin America, for an aggregate purchase price of up to €12.75 million (~US$15.0 million) paid in a combination of cash and shares of Mitek common stock.

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, which the April 2017 MarketsandMarkets report, Consumer IAM Market – Global Forecast,  estimates will reach US$16.6  billion by 2022.

Headquartered in Barcelona with offices in Madrid, São Paulo, and Mexico City, ICAR was founded in 2002 as a spin-off of the Computer Vision Center of the Universitat Autónoma de Barcelona. Today, ICAR is a digital consumer identification leader in Spain and Latin America. ICAR’s channel distribution partners include Accenture, Informática El Corte Inglés, and other top technology solutions providers. Its customers are premier banks including Caixa Bank, Banco Neon, and Bancoppel, as well as companies in the telecom, insurance, travel, and energy sectors.

“The technical and cultural fit between ICAR and Mitek is a tremendous opportunity to maximize value for shareholders, while expanding our mission to bring the highest quality user experience and digital identity verification solutions to our customers globally,” said James B. DeBello, Chief Executive Officer of Mitek and Chairman of the Mitek Board of Directors.

Xavier Codó, Chief Executive Officer of ICAR added, “This combination provides a major growth opportunity and allows us to extend cloud services to our partners and customers in Spain and Latin America. It gives us the ability to offer our customers comprehensive identity document coverage throughout the U.S. and Europe. Mitek’s financial stability and commitment to research and development will also enable us to develop the industry’s most comprehensive, versatile, and advanced digital identity verification platform.”

“We have integrated ICAR’s automated identity identification solution. We view Mitek as a strong, established identity verification solutions provider and believe the combination will deliver additional capabilities to our platform giving us a competitive edge,” said Joan Manuel Tabero, CIO of Consumer Finance at Caixa Bank. 

Following the acquisition, Mitek will offer extensive identity document coverage in North America, Europe, and Latin America. ICAR will increase Mitek’s digital identity verification capabilities with several new factors of authentication. The acquisition also further enhances Mitek’s desktop capture capabilities, which will enable customer on-boarding and authentication using computers in addition to mobile devices.

ICAR’s computer vision experts are tightly aligned with the Computer Vision Center of the Universitat Autónoma de Barcelona and dedicated to ongoing research and development. The merging of these experts with the Mitek Labs’ machine learning and computer vision scientists will create one of the most powerful research and development teams in the digital identity verification industry.

Related News

Budget Cuts, Staff Shortages and Cyber Threats Keep IT Leads Awake at Night as GDPR Looms

43% of IT executives at European financial institutions reveal that fears of a cyber-attack keep them awake at night – two months before the General Data Protection Regulation... Read more »

NICE Actimize Introduces ACTone – The Market’s First AI-Enabled Financial Crime Investigation Management Platform

Autonomous is here! As financial services organizations turn to automation to improve efficiency and provide cost reductions, NICE Actimize, a NICE (Nasdaq: NICE)... Read more »

Averon Closes New Funding Round Bringing Raise to $13.3 Million

Averon, developer of the world’s first mobile identity verification standard that is both automatically frictionless and ultra-secure,... Read more »

Gemalto unveils two new enhanced security features for ID documents

Gemalto (Euronext NL0000400653 GTO), the world leader in digital security, today announced the launch of two new laser-personalized innovations designed to... Read more »

Dai Nippon Printing Chooses Gemalto's Biometric Facial Recognition Solution to Facilitate Mobile Banking access in Japan

Gemalto, the world leader in digital security, today announced that it has been selected by Dai Nippon Printing (DNP), a financial solutions provider in Japan, to make mobile... Read more »

Ethoca’s Integrated Solution Suite Aims to Eradicate 90% of Chargebacks Through Proven Industry Collaboration

 Ethoca, the industry standard for collaboration-based technology solutions that enable card issuers and online merchants... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App