Mitek Systems Inc. has acquired ICAR, a consumer identity verification solutions company, for a total price of €12.75 million, or about $15.0 million, in a combination of cash and Mitek common shares.
The deal allows Mitek to expand its position in the consumer identity and access management space into Spain and Latin America. Barcelona-based ICAR has clients across the regions and channel distribution partners, including Accenture and Informática El Corte Inglés.
The transaction is also expected to provide ICAR customers with comprehensive coverage throughout the U.S. and Europe, ICAR CEO Xavier Codó said in a statement.
The company said Barcelona-based ICAR will allow Mitek to increase its digital identity verification systems with new authorization standards for both desktop and mobile devices.