San Diego’s Mitek Systems, best known for powering mobile check deposit apps for major U.S. banks, has acquired French artificial intelligence firm A2iA for $50 million in cash and stock. The deal boosts Mitek’s check processing and document verification capabilities, as well as expands its footprint into overseas markets.
A2iA’s check scanning technology, which can recognize cursive handwriting, is used by numerous U.S. financial institutions. It is also deployed in all United Kingdom banks and 90 percent of French and Brazilian banks.
In all, A2iA operates in 42 countries and processes documents in 11 languages. In addition to financial institutions, the company supplies insurance companies, retailers, wireless carriers and healthcare providers.
“They have global coverage, including in languages that we don’t,” said James DeBello, Mitek’s chairman and chief executive, in a conference call with analysts. “I have known them personally for over a decade and competed against them in some core products,” added DeBello.
“We believe this is a competitor we have absorbed.” Mitek’s mobile check deposit technology is used by 6,100 banks. Customers snap pictures of checks with their smartphones to make deposits. Read more from sandiegouniontribune.com…
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