UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): September 8, 2014
MITEK SYSTEMS, INC.
(Exact Name of Registrant as Specified in its Charter)
| Delaware | 001-35231 | 87-0418827 | ||
| (State or other jurisdiction of incorporation) |
Commission file number |
(I.R.S. Employer identification number) |
8911 Balboa Ave., Suite B, San Diego, California 92123
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (858) 309-1700
N/A
(Former name, or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01. Other Events
On September 8, 2014, Mitek Systems, Inc. (the “Company”) issued a press release announcing that the Company had agreed to end all pending litigation with Top Image Systems, Ltd. and TIS America Inc. The full text of the press release is attached hereto as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
| (d) | Exhibits |
| 99.1 | Press Release issued on September 8, 2014. | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Mitek Systems, Inc. | ||
| By: | /s/ James B. DeBello | |
| James B. DeBello | ||
| President and Chief Executive Officer | ||
Date: September 10, 2014
Exhibit 99.1
Mitek Ends Suit Against Top Image
Litigation Costs Higher Than Potential Gain
SAN DIEGO, CA – September 8, 2014 – Mitek Systems, Inc. (NASDAQ: MITK, www.miteksystems.com), today announced that it has agreed to end all pending litigation with Top Image Systems, Ltd. and TIS America Inc. (“Top Image”).
Mitek decided to withdraw and settle the case with Top Image because the cost of litigating the case would be higher than any potential financial benefit to Mitek. To date, it believes that Top Image has not established a meaningful customer base in the United States for a mobile check deposit product on which it could pay royalties.
Mitek’s patent portfolio remains strong and the company is confident that it would have been successful on the merits if the matter had gone to trial.
“Our core mission is innovation, not litigation. While we remain confident in our legal position, after candid exchanges with Top Image’s’ leadership and a thorough review of our business priorities, we concluded that the benefits of pursuing this litigation did not justify the cost, principally because we believe that Top Image does not meaningfully operate in our space,” said James B. DeBello. “That could, of course, change, and we remain prepared to protect our intellectual property for Mobile Deposit as well as our other technology from any company that infringes on our patents and causes Mitek meaningful harm.”
Pursuant to the settlement, Mitek will dismiss all claims against Top Image and retains its right to pursue legal action in the future.
About Mitek
Headquartered in San Diego, CA, Mitek (NASDAQ: MITK) is the leading innovator of mobile imaging for financial transactions and identity. Mitek’s patented mobile photo technology automatically captures images of financial and personal documents and then extracts relevant data. This enables consumers to use the Camera as a Keyboard™ to reduce friction for mobile check deposit, account opening, bill payment, insurance quoting, and many other use cases. This innovative technology is licensed by more than 2,500 organizations and used by tens of millions of consumers enabling increased customer acquisition, retention and operational efficiency. www.miteksystems.com MITK-F
Follow us on LinkedIn: http://www.linkedin.com/company/mitek-systems-inc.
Follow us on Twitter: @miteksystems
See us on YouTube: http://www.youtube.com/miteksystems
Read our latest blog post: http://www.miteksystems.com/blog
Media Contacts:
Ann Reichert
Senior Director of Marketing
pr@miteksystems.com
Katherine Verducci
MIX Public Relations
pr@mix-pr.com