Mitek, a provider of mobile capture and identity products for customer acquisition, Tuesday announced in a press release that it has entered into a definitive agreement to acquire IDchecker, a provider of cloud-based identity document verification and facial recognition products.

The deal is worth $10.6 million. Mitek will pay $5.85 million in cash and $2.75 million in common shares at the close of the acquisition, with an additional $2 million in Mitek shares to be paid subject to the achievement of certain revenue and net income targets for IDchecker through Sept. 30, 2016.

"The acquisition of IDchecker demonstrates our commitment to delivering solutions that optimize the mobile channel for safe and secure customer acquisition," Mitek President and CEO James B. DeBello said in a statement. "By expanding our product portfolio, we will transform Mitek into a global provider of mobile capture and identity solutions in the multifactor authentication market which is projected by the global market research firm MarketsandMarkets to be worth $10.75 billion by 2020."

Mitek said in the announcement that IDchecker is a cloud-based identity verification provider whose customers include a large international money transfer service, a leading worldwide payments company, and a preeminent global information services provider. In addition to financial services and payments companies, IDchecker provides its ID verification solutions for employment verification, gaming and e-commerce.