Mitek Systems, Inc. (NASDAQ:MITK) Files An 8-K Other Events
Item 8.01. Other Events.
Mitek Systems, Inc. (“Mitek” or the “Company”) notes that it has received expressions of interest from multiple parties, including fromASG Technologies Group, Inc. (“ASG”). Mitek’s Board of Directors (the “Board”) is evaluating the relative benefits of various strategic alternatives, including by means of engaging with a number of interested parties, all with a view to maximizing value for shareholders.
The Board will lead this evaluation, which will consider the relative benefits of a sale, merger or other transaction involving the Company, the current strategic plan and other potential opportunities. In connection with this evaluation, Elliott Associates, L.P. has withdrawn its nomination of directors for the 2019 annual meeting.
The Board is being advised by Evercore as its financial advisor and Paul Hastings LLP as its legal advisor.
There can be no assurance that the review being undertaken will result in a merger, sale or other transaction involving the Company. Mitek does not intend to make any further announcements regarding the evaluation unless and until the Board has approved a specific transaction or other course of action requiring disclosure.
About Mitek Systems, Inc. (NASDAQ:MITK)
Mitek Systems, Inc. develops, markets and sells mobile capture and identity verification software solutions for enterprise customers. The Company’s technology allows users to remotely deposit checks, open accounts, get insurance quotes, pay bills, as well as verify their identity by taking pictures of various documents with their camera-equipped smartphones and tablets instead of using the device keyboard. Its technology uses algorithms to correct image distortion, extract relevant data, route images to their desired location and process transactions. Its technology processes images of documents in various ways. The Company’s products include Mobile Verify, Mobile Fill, Mobile Docs, Mobile Deposit and Commercial Mobile Deposit Capture. Its mobile technology solutions are provided in two parts: a software development kit (SDK) for mobile capture, and a software platform for image correction, detection, extraction and authentication.
