$10 Billion in Mobile Deposits Enabled By Mitek

109 Financial Institutions Now Live with Mobile Deposit, 333 Signed

SAN DIEGO – May 21, 2012  Mitek Systems, Inc., (NASDAQ: MITK, www.miteksystems.com), a leading mobile imaging software solutions provider, today announced that approximately $10 billion in mobile deposits have been enabled by Mitek’s mobile imaging technology. Mobile Deposit® is Mitek’s mobile remote deposit capture (RDC) solution that enables consumers and businesses to make deposits by snapping photos of checks using camera-enabled smartphones and tablets. The growing adoption of Mitek’s technology is also evident in the transaction volume, which increased more than 143 percent during the six-month period ending December 2011.

 

“Hitting the $10 billion deposit milestone is an exciting proof point in the value and growth of Mobile Deposit, particularly given that just a few short years ago some were questioning if this technology would take off,” said Mitek Systems’ President and CEO, James DeBello. “We now have agreements signed with 333 financial institutions through our partners, including eight of the top eight U.S. banks ranked by asset size, who are using Mobile Deposit as a cornerstone of their mobile strategy.”

 

In a recent press release, ING DIRECT reported that for direct banking, remote deposit capture “is the next innovative trend.” Additionally, in a commissioned survey designed to uncover consumers' checking preferences, ING DIRECT found that, “about a third (32 percent) of Americans who have never used remote deposit capture said they would use the technology in the future when it became available.”

 

Mitek Systems President and CEO Jim DeBello will present, “Mobile Imaging: The Strategic Imperative”, at the NetFinance conference Mobile Channel Focus Day on Monday, May 21, 2012  from 2:20 – 2:40 p.m. NetFinance, a conference for e-commerce and marketing executives in financial services, is being held at the Sheraton Wildhorse Pass, Chandler, Ariz., May 21 –23, 2012. Mitek Systems will also be demonstrating Mobile Deposit andMobile Photo Bill Pay in booth number 24 during exhibit hours. 

Mitek’s Mobile Deposit technology is used by hundreds of financial institutions to enable seamless, secure and fast mobile deposits for their customers. Mitek’s patented imaging technology solves the difficult challenges presented with remote deposit capture including the automatic correction of photographic and physical problems, such as photos of checks that may be wrinkled, skewed, distorted, or taken under poor lighting conditions. Mitek’s technology creates industry compliant images for downstream bank processing.

 

About Mitek Systems                                                                                                      

Headquartered in San Diego, Calif., Mitek Systems (NASDAQ: MITK) is a mobile imaging software solutions provider that allows users to remotely deposit checks, pay their bills, get insurance quotes, and transfer credit card balances by snapping a picture with their camera-equipped smartphones and tablets instead of using the device keyboard. Mitek’s technology increases convenience for the consumer by eliminating the need to go to the bank branch or automated teller machine, and dramatically reduces processing and customer acquisition costs while increasing customer retention. With a strong patent portfolio, Mitek is positioned as the leading innovator in mobile imaging software and currently provides its solutions to Fortune 500 financial services companies. For more information about Mitek Systems, please visitwww.miteksystems.com.

Forward-Looking Statements

 

Statements contained in this news release relating to the Company’s or management’s

intentions, hopes, beliefs, expectations or predictions of the future, including, but not limited to, statements relating to the Company’s long-term prospects, market opportunities beyond financial services, expansion of product offerings, and the pursuit of partnerships in new market segments are forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to, risks that the Company will not be able to withstand negative conditions in the global economy, a lack of demand for or market acceptance of the Company’s products, the Company’s ability to continue to develop, produce and introduce innovative new products in a timely manner or the outcome of any pending or threatened litigation and the timing of the launch of Mobile Deposit by the Company’s signed customers. Additional risks and uncertainties faced by the Company are contained from time to time in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”), including, but not limited to, the Company’s Annual Report on Form 10-K for the fiscal year September 30, 2011 and its quarterly reports on Form 10-Q and current reports on Form 8-K, which you may obtain for free on the SEC’s website at www.sec.gov. Collectively, these risks and uncertainties could cause the Company’s actual results to differ materially from those projected in its forward-looking statements and you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company disclaims any intention or obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

 

© 2012 Mitek Systems.  All rights reserved.  The Mitek Systems name and logo and Mobile Deposit® are registered trademarks of Mitek Systems, Inc. Other product or service names mentioned herein are the trademarks of their respective owners. 

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Investor Relations:                                                                                                           

Julie Cunningham

858.309.1780

ir@miteksystems.com

Media Relations Contact:                                                                                                              

Sarah Schulz

miteksystems@mix-pr.com