No. of Recommendations: 0
The unsolicited buyout offer from ASG was rejected in November and new management was installed about the same time. I was not following MITK at the time and was unaware of the offer. I guess the two events were related, that the board felt the opportunity for Mitek growth was not being exploited.

There is an investors' presentation with a few questions in the Q/A followup, accessible at the Mitek customer relations website (Mitek, by the way, is so small that they have CRaaS [customer relations as a service, they sub it out to another company]). When I had a question about why their sales costs were so high considering there near monopoly on digital check cashing, I never received a reply.

anyway, I did look at the last few annuals (last was for FY 18 ending Sept 30). In '17 the revenue grew 31% and sales expense grew 32%, r&D 34% and G&A 32%. Then for '18, revenue was +40% but sales expense was up 50%, R&D up 50%, and G&A up 51%. Same ol' MITK. But, I love the business opportunity and I think they have the best identity verification product and they bought out what they claim to be their only mobile deposit competition (a small French company) and they do have new management. Worth watching but, for me, not worth buying. It is a security play for onboarding new customers.

KC
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