Mitek Acquires HooYu

Mitek Systems, a provider of digital identity verification and fraud prevention solutions, has acquired know-your-customer technology pioneers HooYu in a cash deal worth about $130 million

The acquisition helps businesses know the true identity of their customers by linking biometric verification with real-time bureau and sanction database checks.

"Mitek builds trust in the digital world, which we need now more than ever," said Max Carnecchia, CEO of Mitek Systems, in a statement. "This past year, Mitek continued to demonstrate our commitment to fighting fraud , both with the acquisition of ID R&D and now with HooYu. We deeply respect HooYu's heritage as a U.K.-founded technology company, operating in the global financial services hub, and one of the most highly regulated markets. The combination of both companies' technologies now gives our customers the most comprehensive identity platform on the market today."

"Having a single platform that easily orchestrates and configures a KYC journey to manage identities and identify bad actors is becoming a prerequisite for any business transacting digitally," said HooYu CEO Keith Marsden in a statement. "Bringing together Mitek's lead in identity, liveness, and biometrics, with our orchestration, configuration, and journey services simplifies identity management for financial institutions."