US-headquartered Mitek has acquired ICAR for an aggregate purchase price of up to €12.75m. ICAR will strengthen Mitek’s position in the increasingly competitive global digital identity verification sector.
Headquartered in Barcelona, ICAR was founded in 2002 as a spin-off of the Computer Vision Center of the Universitat Autónoma de Barcelona and has focused on the Spanish and Latin American markets.
ICAR’s channel distribution partners include Accenture, Informática El Corte Inglés, and clients include 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 maximise 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. 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.”