San Diego-based digital identity and verification firm Mitek Systems has bought French AI and image analysis specialist A2iA for EUR42.5 million in cash and shares.
A2iA uses AI and machine learning to create proprietary algorithms that process millions of cheques, IDs and documents each day for banks, retailers, insurance companies, mobile operators, healthcare providers and governments in more than 42 countries and 11 languages.
A2iA's software is used at all UK banks as well as the vast majority of those in France and Brazil, as well as at more than 75,000 ATMs around the world, strengthening Mitek's position outside of the US, where it already claims 6100 bank clients.
A2iA saw recognised revenue of EUR12.9 million and operating income of EUR1.7 million in its fiscal year ended December 31, 2017.
The acquisition also doubles the size of Mitek's research labs team, creating what the firm claims is the largest private research group of PhD scientists in computer vision, machine learning and AI for the industry.
"With the addition of A2iA's technology and team, Mitek's digital identity verification platform will extend its lead in the industry," says James DeBello, CEO, Mitek.