Mitek Systems Sells Electronic Item Processing and Document
Management Business to Harland Financial Solutions
POWAY, Calif., July 7 /PRNewswire-FirstCall/ --
Mitek Systems, Inc. ("Mitek")
(OTC:MITK) (BULLETIN BOARD: MITK) announced today that it has sold certain
assets and granted exclusive distribution and licensing rights related to its
CheckQuest(R) item processing and CaptureQuest(R) electronic document
management solutions to Lake Mary, Florida-based Harland Financial Solutions,
Inc. ("Harland"), a wholly owned subsidiary of John H. Harland Company
(NYSE:JH).
In addition to the acquisition of certain assets, Harland has licensed from
Mitek the QuickStrokes(R) family of recognition toolkits and the QuickFX(R) Pro
form identification toolkit for use with CheckQuest and CaptureQuest. In
addition, Harland will resell Mitek's full line of image- based fraud
protection solutions.
"We believe that our CheckQuest and CaptureQuest customers will benefit greatly
from this sale and licensing of assets," said James DeBello, president and
chief executive officer of Mitek Systems. "We are very pleased that our
CheckQuest and CaptureQuest clients, along with the talented employees that
support them, will now be part of Harland Financial Solutions, an acknowledged
market leader in the financial technology space.
"With Check 21 on the horizon, image-based check fraud protection technologies
will become a critical component of operations for large and small banks alike.
This sale and licensing of assets will allow Mitek to focus on its core
competency of developing industry leading diagnostic tools for combating check
fraud, recognition engines, and document processing solutions. We believe
check fraud detection is likely to be a key area of growth and presents a
sizeable opportunity for the Company," added DeBello.
"Our clients are looking for item processing and electronic document management
solutions that enable them to realize the front and back-office efficiencies
made possible by Check 21," said John O'Malley, president of Harland Financial
Solutions. "Existing users of CheckQuest and CaptureQuest are well positioned
to realize these efficiencies. Now, our thousands of bank and credit union
clients will have the opportunity to use these products, delivered as either an
in-house or service bureau offering," added O'Malley.
CheckQuest provides financial institutions with a high-performance, check
imaging and item processing solution that positions them to take advantage of
the efficiencies offered by Check 21. CaptureQuest is an electronic document
management system that allows financial institutions to file, distribute,
archive, retrieve and automatically process documents and forms of all types
and quantities.
About Mitek Systems
Mitek Systems is a premier provider of check fraud protection solutions and
check imaging software for the banking industry, and an established global
supplier of embedded software recognition engines. Mitek develops recognition
technology using advanced neural networking techniques and deploys this
expertise in fraud prevention, check, financial document and forms processing
applications. These applications automatically process over 8 billion
documents per year for a variety of OEMs, reseller partners and end users. For
more information about Mitek Systems, contact the company at 14145 Danielson
Street, Suite B, Poway, CA 92064; 858-513-4600 or visit
http://www.miteksystems.com/.
About Harland Financial Solutions
Harland Financial Solutions (http://www.harlandfinancialsolutions.com/)
supplies software and services to thousands of financial institutions of all
sizes. Harland Financial Solutions is a leader in deposit & loan origination,
platform, teller, call-center, mortgage, business intelligence, core systems,
customer relationship management systems, and compliance training software.
About Harland
Atlanta-based John H. Harland Company (NYSE:JH) (http://www.harland.net/) is
listed on the New York Stock Exchange under the symbol "JH." Harland is a
leading provider of software and printed products to the financial institution
market. Harland's software solutions include, deposit & loan origination,
platform, teller, call-center, mortgage, business intelligence, core systems,
and customer relationship management systems. Harland's printed products
offerings include checks, direct marketing and financial forms. Scantron
Corporation (http://www.scantron.com/), a wholly owned subsidiary, is a leading
provider of software services and systems for the collection, management and
interpretation of data to the financial, commercial and educational markets.
Forward-Looking Statement Disclosure
With the exception of historical matters, the matters discussed in this press
release are forward-looking statements that involve risks and uncertainty.
Forward-looking statements include, but are not limited to, statements relating
to the transaction with Harland, development and pace of sales of Mitek's
products, and expected trends and growth in Mitek's results of operations, and
planned expansion of sales and marketing activities. Mitek's actual results
could differ from such forward-looking statements. There can be no assurance
that Mitek will achieve the results set forth herein. Mitek, Mitek Systems,
CheckQuest, CaptureQuest, QuickStrokes and QuickFX Pro are registered
trademarks of Mitek Systems, Inc. All other product or company names may be
trademarks or registered trademarks of their respective holders.
For further information please contact: James B. DeBello, President and CEO of
Mitek Systems, Inc., +1-858-513-4600; or general information, Laurie Berman of
Financial Relations Board, +1-310-407-6546, for Mitek Systems, Inc.
DATASOURCE: Mitek Systems, Inc.
CONTACT: James B. DeBello, President and CEO of Mitek Systems, Inc.,
+1-858-513-4600; or general information, Laurie Berman of Financial Relations
Board, +1-310-407-6546, for Mitek Systems, Inc.
Web site: http://www.harland.net/
Web site: http://www.harlandfinancialsolutions.com/
Web site: http://www.miteksystems.com/