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Mitek systems acquires ICAR, a CVC spin off focused in digital identity verification

Icar_ID_Verification___51_

Mitek, 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, 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.

About ICAR 
The Spanish company, headquartered in Barcelona and with offices in Madrid, São Paulo, and Mexico City, was founded in 2002 as a spin-off of the Computer Vision Center of the Universitat Autónoma de Barcelona (UAB). ICAR provides cutting-edge technology solutions for customer identity verification, document forgery prevention, and fraud risk mitigation. ICAR’s fully automated verification solutions (desktop app, mobile and cloud-based tools) provide maximum security and an optimized user experience. ICAR’s technology is currently facilitating more than 20 million identity validations per year.

About Mitek
Mitek  is a global leader in mobile capture and identity verification software solutions built on the latest advancements in AI and machine learning. Mitek’s identity verification solutions allow an enterprise to verify a user’s identity during a digital transaction. This enables financial institutions, payments companies and other businesses operating in highly regulated markets to mitigate financial risk and meet regulatory requirements while increasing revenue from digital channels. Mitek also reduces the friction in the users’ experience with advanced data prefill and automation of the onboarding processes. Mitek’s innovative solutions are embedded into the apps of more than 5,800 organizations and used by more than 80 million consumers. For more information, visit www.miteksystems.com or www.miteksystems.co.uk.

 

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CVC NewsCVC Spin Off

Payment terminals: chronicle of a death foretold

Orain – mobile payment method

Post Author: Orain Team. Originally published in Spanish here.

Nowadays, in a highly connected, sensorised and technological world, it is surprising to see how certain technologies of past times are still in vogue. Traditional payment terminals are one of them. Mantaining these old systems within the market is sign of an immobile and non-agile economy, anchored to older times and incapable of catching up with innovation. A system that has turned into a problem, more than a solution, such as an answer to a question nobody is asking anymore.

The future travels fast, and faster each time, and most of the population has access to a technology we weren’t able to imagine just a few years ago. However, intelligent payment terminals -or smartphones- and the networks they’re connected to, are both platforms that haven’t showed all of their potential yet. These systems’ possibilities are fascinating in some areas, and at the same time, disappointing in unprepared environments. Let’s set an example: we can ask for and obtain, nearly instantly, a 3000€ loan by solely using our mobile phone, but we can’t pay a small amount at the bakery or have a 1.20€ coffee, but have to search for coins within our pocket.

When talking of payment methods, mobile technologies are sufficiently mature to substitute any payment modality in a feasible and secure way. Historical payment terminals, which imply duplicated costs, constant maintenance and associated problems have stopped representing an aid to payment and have begun to be a problem in sales.

Orain is born to change this paradigm. A transversal platform from which we can make small or big purchases in any selling point, which allows to extend payments or micropayments to all elements around us only through a Smartphone, revitalizing any type of business. Orain has a system adjusted to the times we’re living in. It offers a witty and intuitive interaction with any machine without it being connected to a network, adding multiple services for the user and digital marketing tools for the business owner.

Intelligence, interaction, innovation, benefits’ maximization… concepts that don’t need a big investment in order to be applied to a business. Let’s bring out the opportunities that a connected world is offering us, and in which new payment methods and the client-business relationship needs no more intermediaries. Welcome to Orain.

No business oriented to the big public can still be distracted from this: it is a new payment method and interaction tool that puts us all, small and big, at the same starting point.

Orain Technologies is a CVC Spin Off. Visit their website here: http://www.oraintechnologies.com/

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