Mitek CEO to depart in leadership shuffle

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Jim DeBello will leave his post as CEO of digital capture and mobile identity company Mitek, one of a handful of high-level personnel moves at the company.

DeBello’s departure will be effective Jan 1, 2019. Bruce Hansen, Mitek’s lead independent director, will assume the role of Chairman of the Board and will assist with the transition process.

During DeBello’s 23 years as director, 15 years as CEO and two years as chairman, he helped lead Mitek’s identity verification strategy, enrolling more than 6,000 financial institution clients globally with 80 million consumer users. Mitek has more than 50 patents, including five that DeBello holds.

Patents played a major role in Mitek's years-long legal battle with USAA over mobile check capture technology. The companies ended their dispute in late 2014, with both companies' patents remaining intact and neither side paying the other. A week later, Mitek settled a separate patent suit with Top Image Systems. In 2016, Mitek prevailed in a patent case against Rothschild Mobile Imaging Innovations.

More recently, Mitek has increased its use of mobile camera technology as an identity factor, keeping the company current with a trend toward “selfie pay” apps.

In another move, Mitek CFO Jeff Davidson will depart Mitek at the end of November to join a company near his home in Bozeman, Mont., according to a Mitek release.

In addition to serving as a Mitek director since 2012, Hansen helped lead Mitek’s embrace of “big data” analytics and was co-founder and former chairman and CEO of ID Analytics. Mitek will hire an executive search firm to fill both Hansen and DeBello's jobs..

Mitek also released its earnings on Monday. The company reaffirmed 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%.

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Mobile payments Identity verification Mitek Systems
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