Mitek Appoints Industry Veteran Chris Briggs as Head of Product

Rhea-AI Summary

Mitek (NASDAQ: MITK) has appointed Chris Briggs as Head of Product, aimed at enhancing its biometric and fraud detection capabilities. This strategic move follows Mitek's recent acquisitions, including HooYu and ID R&D, which bolster its identity solutions. Briggs, an industry veteran with over 25 years of experience from firms like Experian and Equifax, will lead product strategy as Mitek expands in the rapidly evolving digital identity sector. His role is pivotal in refining Mitek's offerings to ensure safety amid changing regulations.

Positive

• Appointment of Chris Briggs brings over 25 years of industry experience.
• Focus on expanding biometric and fraud detection capabilities.
• Recent acquisitions strengthen Mitek's market position in identity solutions.
• Strategic direction aimed at enhancing consumer onboarding and digital experience.

Negative

• Potential challenges in integrating recent acquisitions with existing systems.

Strategic appointment as Mitek advances digital identity solutions

SAN DIEGO--(BUSINESS WIRE)-- 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 stemming from recent and future acquisitions. The announcement comes at a pivotal time as the industry rapidly evolves to empower consumers to control their own portable identities.

The identity industry is growing exponentially as consumers continue to choose digital. In recent years, Mitek has invested heavily in organic product development and inorganic acquisitions in the areas of biometrics and identity orchestration. In the last year, Mitek acquired both the UK’s pioneering know your customer (KYC) technology pioneer, HooYu, and award-winning AI-based voice and face biometrics provider, ID R&D. Combining these technologies helps organizations across the identity lifecycle – from onboarding through ongoing authentication. Using Mitek technology, customers can now bind document verification and biometric authentication with other real-time data, such as credit bureau and sanction database checks to achieve this true identity of the consumer.

“Bringing in a seasoned veteran to lead the integrations of these investments is a natural next step for Mitek as the company innovates to help organizations onboard more consumers, faster, and streamline the digital experience for both businesses and consumers,” said Mitek CEO Max Carnecchia. “We are thrilled to have Chris join the Mitek team.”

Briggs brings with him more than 25 years of experience in deploying mission-critical products for technology services, data, and analytics firms such as Experian, Equifax, and most recently Airside Mobile. At Mitek, he will execute his vision of protecting consumers and helping companies measure risk in a landscape with constantly evolving government regulations. Working closely with customers, partners and consumers, Briggs will lead the development of innovative solutions that evolve with an increasingly digital world to provide adequate safeguards for sensitive customer data.

“There are other players working to make a name for themselves in the identity space; however, Mitek’s demonstrated success in executing its development plans was a primary driver in my decision to join the team,” said Briggs. “I am honored to be working alongside other leaders with a clear vision for taming the wild west of the identity industry and the right capabilities, tooling, and support to execute on those goals.”

Required Information regarding inducement equity grant:

In connection with Chirs Briggs’ employment, on May 16, 2022, the Mitek board of directors granted to him restricted stock units for (i) 29,474 shares of the Company’s common stock, which shall vest over a four year period with 25% of the shares subject thereto vesting on each anniversary of the grant date, (ii) 29,474 shares of the Company’s common stock, which shall vest up to 33.33% of the shares subject thereto on each anniversary of the grant date, subject to the achievement of the annual performance criteria which is based on the percentage increase in value of the Company’s common stock as compared to the percentage increase in value of the Russell 2000 Index over the applicable annual performance period, and (iii) 9,823 shares of the Company’s common stock, which shall vest up to 33.33% of the shares subject thereto on each anniversary of the grant date if the annual performance criteria (which is based on the percentage increase in value of the Company’s common stock as compared to the percentage increase in value of the Russell 2000 Index) for the applicable performance period has been exceeded. The restricted stock units were granted as an inducement to Mr. Briggs to accept employment with the Company and in accordance with NASDAQ Listing Rule 5635(c)(4). The vesting of each grant is subject to the employee’s continued service with the Company through the applicable vesting date. The inducement grants are subject to the terms and conditions of award agreements covering the grants and the Company’s 2020 Incentive Plan.

About Mitek

Mitek (NASDAQ: MITK) is a global leader in digital identity verification built on the latest advancements in computer vision and artificial intelligence. Mitek’s identity verification solutions enable organizations to verify an individual’s identity during digital transactions to reduce risk and meet regulatory requirements, while increasing revenue from digital channels. More than 7,500 organizations use Mitek to enable trust and convenience in today’s digital economy. Mitek is based in San Diego, Calif., with offices across the U.S. and Europe. Learn more at www.miteksystems.com. Follow Mitek on LinkedIn, Twitter and YouTube, and read Mitek’s latest blog posts here.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220518005337/en/

Angela M. Romei

Mitek Corporate Communications Director

pr@miteksystems.com

Ed Stevenson

UK LEWIS for Mitek

MitekUK@teamlewis.com

Michael Nothnagel

US LEWIS for Mitek

MitekUS@teamlewis.com

Source: Mitek

FAQ

Who is Chris Briggs and what is his new role at Mitek?

Chris Briggs has been appointed Head of Product at Mitek to enhance biometric and fraud detection capabilities.

What recent acquisitions has Mitek made?

Mitek recently acquired HooYu and ID R&D to strengthen its identity verification solutions.

How does Chris Briggs' experience benefit Mitek?

Briggs brings over 25 years of experience from leading firms, which will aid in executing Mitek's product strategy.

What are the goals of Mitek following the appointment of Chris Briggs?

Mitek aims to innovate in onboarding processes and enhance digital identity solutions while ensuring compliance with evolving regulations.

What impact might Chris Briggs' appointment have on Mitek's stock (MITK)?

The strategic appointment could positively influence investor confidence due to enhanced product capabilities and market position.