Electronic Item Processing and Document Management Business Sold to Harland Financial Solutions

International Journal of Micrographics & Optical Technology, 2004

Mitek Systems, Inc. has sold certain assets and granted exclusive distribution and licensing rights related to its CheckQuest item processing and CaptureQuest electronic document management solutions to Florida-based Harland Financial Solutions, Inc.

In addition to the acquisition of certain assets, Harland has licensed from Mitek the QuickStrokes family of recognition toolkits and the QuickFX Pro form identification toolkit for use with CheckQuest and CaptureQuest. In addition, Harland will resell Mitek's full line of image-based fraud protection solutions.

"We believe that our CheckQuest and CaptureQuest customers will benefit greatly from this sale and licensing of assets," said James DeBello, president and chief executive officer of Mitek Systems. "We are very pleased that our CheckQuest and CaptureQuest clients, along with the talented employees that support them, will now be part of Harland Financial Solutions, an acknowledged market leader in the financial technology space.

"With Check 21 on the horizon, image-based check fraud protection technologies will become a critical component of operations for large and small banks alike. This sale and licensing of assets will allow Mitek to focus on its core competency of developing industry leading diagnostic tools for combating check fraud, recognition engines, and document processing solutions. We believe check fraud detection is likely to be a key area of growth and presents a sizeable opportunity for the Company," added DeBeIIo.

"Our clients are looking for item processing and electronic document management solutions that enable them to realize the front and back-office efficiencies made possible by Check 21," said John O'Malley, president of Harland Financial Solutions. "Existing users of CheckQuest and CaptureQuest are well positioned to realize these efficiencies. Now, our thousands of bank and credit union clients will have the opportunity to use these products, delivered as either an in-house or service bureau offering," added O'Malley.

CheckQuest provides financial institutions with a high-performance, check imaging and item processing solution that positions them to take advantage of the efficiencies offered by Check 21. CaptureQuest is an electronic document management system that allows financial institutions to file, distribute, archive, retrieve and automatically process documents and forms of all types and quantities.

Contact Mitek Systems. Web: www.miteksystems.com or Harland. Web: www.harland fmancialsolutions. com