Mitek Revenues Jump From HooYu Acquisition in Latest Fiscal Update

Mitek has issued a corporate update for its fourth quarter and full 2022 fiscal year, showing, among other things, that its acquisition of HooYu in March of last year has been paying off.

The company is reporting a 20 percent year-over-year revenue increase for fiscal 2022, with sales amounting to $143.9 million. For the fourth quarter, revenues were up 17 percent year-over-year, reaching $38.8 million.

In announcing the results, Mitek attributed the revenue increase both to additional sales resulting from its acquisition of HooYu and to increased demand for its own “digital identity verification and deposits solutions,” noting that “commerce continues its rapid shift to digital channels.”

San Diego-based Mitek bought London’s HooYu in an all-cash transaction valued at GBP 98 million, or about $129.2 million USD. Both companies specialize in selfie-based identity verification technology, but in an announcement of the deal, they explained that their merger would offer clients “a more complete picture of the consumer by marrying biometrics, ID document validation, geolocation and identity confidence scoring with real-time data signals such as bureau checks or matches to politically exposed person or sanction lists.”

Other business highlights noted in Mitek’s fiscal update include the launch of its Verified Identity Platform, or “MiVIP”, which the company says “delivered improved unit economics”; and the launch of MiPass, a multimodal smartphone app that supports both voice and facial recognition.

As for Mitek’s bottom line, the company is reporting a net loss of about $311,000 for the fourth quarter, compared to an income of $1.8 million in the corresponding quarter of fiscal 2021; and a net income of just over $3 million for fiscal 2022, compared to a net result of nearly $8 million the year before.

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July 12, 2023 – by Alex Perala