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Mitek CEO & CFO Head for the Exit

The departures are unrelated, the company said, and it stands by its full-year total revenue guidance of between $62M and $63M.

August 27, 2018

2 Min Read

SAN DIEGO -- Mitek Systems, Inc., a global leader in mobile capture and digital identity verification solutions, announced today that its CEO, Jim DeBello, will be transitioning out of his role at the Company. Mr. DeBello’s departure will be effective January 1, 2019 to help facilitate an orderly transition. In addition, Bruce Hansen, Mitek’s lead independent director, will immediately assume the role of Chairman of the Board and will assist with the transition process.

Over the past twenty-three years as a Mitek Director, fifteen years as its CEO, and two years as its Chairman of the Board, Mr. DeBello guided Mitek’s transformation into the leading provider of Mobile Deposit® and Mobile Verify™ ID verification, currently used by over 6,000 financial institutions and 80 million consumers worldwide. He was instrumental in the Company’s listing on NASDAQ and successfully broadened Mitek’s product offerings with three global acquisitions and a portfolio of over fifty patents, including five which he holds as co-inventor of Mobile Deposit.

In addition, in an unrelated development, CFO Jeff Davison has notified the Company that he will depart at the end of November to join a firm near his home in Bozeman, Montana. Mr. Davison informed the Company that his voluntary departure is for personal and family reasons and not due to any disagreement with the Company on any matter related to the Company’s operations, policies or practices. Mr. Davison will continue serving in his current role through the announcement of Mitek’s fourth quarter and full year earnings in November.

Mitek is reaffirming its full year total revenue guidance of between $62 million and $63 million, which would represent year-over-year growth between 37% and 39%, and expects to generate a non-GAAP profit margin of approximately 15% to 16%.

Mitek Systems Inc.

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