Summary
- Mitek has been consistently growing its revenue at 20% and generating ROEs of 15%-20% for the past few years.
- Mitek basically has a monopoly in the slow-growing Mobile Deposit market that can fund its growth in the ID Verification market.
- Mitek has a large Mobile Deposit Customer base that it is hoping to convert to ID Verification customers.
- Mitek has been growing its ID Verification business at a faster rate each quarter, acquiring competitors to bolster its technology and increase its offerings.
For further details see:
Mitek Systems: A Strong SaaS Provider Growing Into A New Market