Mitek Systems, Inc. (NASDAQ: MITK, www.miteksystems.com), a global leader in mobile capture and digital identity verification solutions, announced today that its CEO, Jim DeBello, will be transitioning out of his role at the Company.
Mr. DeBello’s departure will be effective January 1, 2019 to help facilitate an orderly transition. In addition, Bruce Hansen, Mitek’s lead independent director, will immediately assume the role of Chairman of the Board and will assist with the transition process.
Over the past twenty-three years as a Mitek Director, fifteen years as its CEO, and two years as its Chairman of the Board, Mr. DeBello guided Mitek’s transformation into the leading provider of Mobile Deposit® and Mobile Verify™ ID verification, currently used by over 6,000 financial institutions and 80 million consumers worldwide. He was instrumental in the Company’s listing on NASDAQ and successfully broadened Mitek’s product offerings with three global acquisitions and a portfolio of over fifty patents, including five which he holds as co-inventor of Mobile Deposit.
Said Mr. DeBello, “I am confident that Mitek is strongly positioned for future success, and I look forward to facilitating a seamless transition as a successor is identified. This is a company with tremendous potential, and I expect to watch it succeed for years to come.”
In addition, in an unrelated development, CFO Jeff Davison has notified the Company that he will depart at the end of November to join a firm near his home in Bozeman, Montana. Mr. Davison informed the Company that his voluntary departure is for personal and family reasons and not due to any disagreement with the Company on any matter related to the Company’s operations, policies or practices. Mr. Davison will continue serving in his current role through the announcement of Mitek’s fourth quarter and full year earnings in November.
“We are immensely grateful for the legacy Jim has created,” said lead independent director Bruce Hansen. “His leadership and loyalty have helped Mitek successfully navigate transitions in the industry while positioning it for future technological leadership. Similarly, Jeff’s commitment to sound financial management, as well as to open communication with investors, has created a solid foundation for Mitek’s future success.”
Hansen continued, “We remain confident in the Company’s strategic direction, including the growth of its Mobile Verify and Mobile Deposit businesses as well as the development of its next-generation Identity solutions.”
In addition to serving as a Mitek director since 2012, Mr. Hansen brings decades of “big data” analytics industry experience including as the co-founder and former chairman and CEO of ID Analytics (acquired by LifeLock in 2012) and former president of machine-learning pioneer HNC Software (acquired by FICO in 2002).
The Board of Directors intends to retain an executive search firm to assist in the process of identifying Mr. DeBello’s and Mr. Davison’s successors.
Company Reaffirms Full-Year Guidance
Mitek is reaffirming its full year total revenue guidance of between $62 million and $63 million, which would represent year-over-year growth between 37% and 39%, and expects to generate a non-GAAP profit margin of approximately 15% to 16%.