Mitek Q2 Results Show Ongoing Ascent as Biometric ID Verification Boom Continues

Mitek continues to accelerate in its upward trajectory, announcing strong results as demand for biometric identity verification solutions continues to boom.

In the second quarter of its fiscal year, closed March 31, 2022, the company saw revenues of $34.7 million, a year-over-year increase of 21 percent. GAAP net income reached $1.9 million, reflecting an 88 percent increase over the second quarter of the previous fiscal year; while non-GAAP net income rose 49 percent year-over-year to reach nearly $10.9 million.

Commenting on the results, Mitek CEO Max Carnecchia gestured to the broader trends driving interest in the kinds of identity verification and authentication solutions offered by Mitek.

“Digital identity verification has moved beyond just being an enabler of digital commerce, it now serves as an integral element of most organizations’ technology stack,” he said. “We believe the next decade of fraud prevention will be defined by an organization’s approach to the lifecycle of identity and access management capabilities.”

On that note, Carnecchia turned the spotlight onto HooYu, which Mitek acquired during the quarter in a transaction valued at roughly $129.2 million. Like Mitek itself, HooYu specializes in selfie-based onboarding; in announcing their combination, the companies explained that each of their technology portfolios would deliver synergies when integrated together, leading to a more comprehensive package of user identification services.

“With our acquisition of HooYu, Mitek is significantly expanding access to these services through our low code no code orchestration platform,” Carnecchia said.

HooYu is not the first company to have been acquired by Mitek. Last spring, Mitek announced its acquisition of ID R&D, a biometrics company best known for its face and voice recognition technologies, and which had also been exploring behavioral biometrics technologies in its R&D efforts.

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April 29, 2022 – by Alex Perala