'Pete' Hart Elected to Mitek Systems Board of Directors

Former MasterCard International CEO had been serving on company's Advisory Board

Mar 01, 2011, 09:00 ET from Mitek Systems, Inc.

SAN DIEGO, March 1, 2011 /PRNewswire/ -- Mitek Systems, Inc. (OTC Bulletin Board: MITK; www.miteksystems.com), the leader in mobile-imaging applications using smart phone cameras for check deposits and bill payments, today announced that Alex W. "Pete" Hart, Chairman of the Board of SVB Financial Group and former CEO of MasterCard International, has been elected to its Board of Directors.

Hart is widely recognized in the financial services industry as a longtime leader and independent consultant, particularly in the area of electronic payments and related technology where Mitek has patented expertise.

"We couldn't be more pleased to have an executive of Pete Hart's caliber join our Board of Directors," said Mitek President and CEO James B. DeBello.  "As we expand the breadth and depth of our mobile-capture products, we felt it was wise to avail ourselves of Pete's expertise and experience in payments, the industry segment where we aim to be a clear leader.  We're glad our shareholders agreed with our recommendation to elevate Pete to the Board of Directors."

Mitek shareholders overwhelmingly approved the election of Hart to Mitek's Board in balloting conducted as part of proxy voting at the company's annual meeting on Feb. 23.  Shareholders also voted to re-elect John M. Thornton as Chairman, and Vinton P. Cunningham, Gerald I. Farmer, Ph.D., Sally B. Thornton, William P. Tudor and DeBello as members of the Board of Directors.

In addition to leading MasterCard International, Hart is also a former CEO of Advanta Corporation.  Earlier in his career, he held executive positions at First Interstate Corporation and First National Bank of Chicago. He is currently a member of the boards of directors of Fair Isaac Corporation, Global Payments Inc., and VeriFone Inc., and previously served on the boards of a number of other companies.

Holder of a bachelor's degree from Harvard University, Hart was appointed to Mitek's Advisory Board in October 2010.

About Mitek Systems

For more than 20 years, Mitek Systems (OTC: MITK.OB) has provided financial institutions with advanced imaging and analytics software to authenticate and extract data from imaged checks and other financial documents.  Mitek's patented technology has created the Gold Standard for Mobile Check Deposit and is currently used by leading financial organizations in the United States to process more than 10 billion items per year.  

Today, Mitek is applying its patented technology and extensive expertise in image correction, optical character recognition and intelligent data extraction to mobile devices.  Using Mitek Mobile Apps, smartphone users can now deposit checks, pay bills, save receipts and fax documents while on the road or sitting at a desk -- eliminating trips to the bank, Post Office and file cabinet.  Simply take a picture of the document and Mitek does the rest -- correcting image distortion, extracting relevant data, routing images to their desired location, and processing transactions through users' financial institutions.  

For more information about Mitek Systems, contact the company at 858-503-7810 or visit www.miteksystems.com.


Sue Huss for Mitek Systems



SOURCE Mitek Systems, Inc.