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Mitek Systems, Inc. (NASDAQ: MITK) is a global leader in mobile capture and digital identity verification solutions driven by advancements in artificial intelligence and machine learning. Serving over 7,800 financial services organizations and leading fintech brands globally, Mitek's innovative solutions are integrated into the apps of more than 6,100 enterprises and used by over 80 million consumers.
Mitek specializes in developing proprietary software solutions that enhance digital transactions. The firm's core products include Mobile Deposit, which allows consumers to deposit checks using their mobile devices, and Mobile Verify, which verifies user identities online, aiding organizations in building safer digital communities. Additionally, Mitek's CheckReader automatically extracts data from check images received through various deposit channels such as branches, ATMs, RDC, and mobile.
By offering advanced identity verification solutions, Mitek assists financial institutions, payment companies, and businesses in highly regulated markets to mitigate financial risk and comply with regulatory requirements. The company also enhances user experience through advanced data prefill and automation of the onboarding process.
To learn more about Mitek Systems, Inc. and stay updated with the latest news, visit www.miteksystems.com.
N-iX, a global software solutions and engineering services company, has enhanced its partnership with Mitek Systems, a leader in digital identity and fraud prevention. By incorporating Mitek's advanced technologies, N-iX aims to offer improved services to its clients in digital identity verification and fraud prevention, setting new standards in the industry. The partnership emphasizes N-iX's commitment to innovation and excellence in the financial services and digital security sectors.
Mitek Systems, a leader in digital identity and fraud prevention, announced a $50 million share repurchase program. The Board of Directors authorized a two-year program to buy back common stock, demonstrating confidence in long-term growth. The program aims to capitalize on market opportunities and is funded by strong cash flow. Purchases may be made through various methods, with timing based on market conditions and regulatory requirements.
Mitek Systems, Inc. reported financial results for Q2 ending March 31, 2024, with total revenue of $47.0 million. GAAP net income was $0.3 million, while non-GAAP net income was $11.5 million. Cash flow from operations increased to $7.1 million. The company reiterated its full-year revenue guidance of $180.0-$185.0 million for fiscal 2024, expecting a 6% growth rate at the midpoint. Mitek also announced a $50 million share repurchase plan. CEO Max Carnecchia will be terminated on May 31, 2024, with Scott Carter appointed as Interim CEO.
Mitek (NASDAQ: MITK) announced the appointment of Scott Carter as Interim CEO, effective June 1, 2024, and the termination of current CEO Max Carnecchia's employment. The Board has engaged in a search for a new permanent CEO, emphasizing a smooth transition for the company's growth phase. Carter's extensive experience in technology and financial services positions Mitek well for continued success.
Mitek (NASDAQ: MITK) will file its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024 on May 10, 2024, and host an earnings call on May 13, 2024. The company will discuss its financial results for the fiscal 2024 second quarter, with a live webcast available on the Investor Relations section of the Company’s website.
Mitek Systems, Inc. conducted a survey revealing that 76% of banks feel fraud cases are becoming more sophisticated. The biggest fraud threats include money laundering, account takeover, and forgeries, with AI-generated fraud and deepfakes being major challenges. Banks struggle with identifying customers and complying with KYC regulations. Fintech companies have better security measures compared to traditional banks. Financial institutions are urged to enhance their understanding of regulations and improve technology to combat fraud effectively.
Mitek Systems, Inc. (MITK) won the Next Gen Telecoms Fraud Prevention category in Cyber Defense Magazine’s Global InfoSec Awards 2024. Their identity verification solution helps wireless service providers verify customer identities quickly and accurately, reducing fraud-related losses and improving operational efficiency.
ID R&D, a Mitek Systems company, appoints Peter Martis as Vice President of Growth to drive explosive growth initiatives. Martis, a seasoned industry leader with vast experience in biometric technology, aims to expand market presence and enhance product offerings, positioning the company for success in the biometrics landscape.
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