Mitek Systems Inc., a provider of digital identity verification products, has acquired A2iA SAS, which specializes in artificial intelligence and image analysis, for €42.5 million (US$49.7 million) in cash and shares of Mitek's common stock.

"With the addition of A2iA's technology and team, Mitek's digital identity verification platform will extend its lead in the industry," James B. DeBello, CEO and chairman of Mitek, said in press release. "Mitek's Mobile Verify product will be able to read government-issued identity documents even more accurately and quickly than today, and authenticate them using A2iA's advanced AI algorithms, thereby increasing companies' trust that their customers are who they say they are."

A2iA's software is already used by top U.S. banks as well as 100 percent of U.K. banks, 90 percent of French banks, 90 percent of Brazilian banks and more than 75,000 ATMs worldwide.

A2iA uses artificial intelligence and machine learning to create proprietary algorithms that process millions of checks, IDs and documents each day for banks, retailers, insurance companies, mobile operators, healthcare providers and governments in more than 42 countries and 11 languages, according to the release.

In acquiring A2iA's Research Labs, Mitek doubles the size of the existing Mitek Labs team, forming the largest private research group of PhD scientists in computer vision, machine learning and artificial intelligence for this industry, according to the release.