As Hedge Fund Presses Takeover Bid, Mitek CFO Rescinds Resignation
Summary
The prospective acquirer may now need to tweak that pitch: Mitek executive Jeff Davison, its chief financial officer, this week rescinded his resignation.Mitek, which makes software that banks and others use for remote document capture and digital identification verification, said in August that Davison and Jim DeBello, Mitek’s CEO of 15 years, were leaving the company.Elliott said its acquisition of shares was intended to demonstrate the seriousness of its bid—and the hedge fund has said it’s one of the company’s largest shareholders.In a press release explaining its reasons for rejecting the ASG offer, Mitek cited the results of its latest fiscal year, which ended Sept. 30, as evidence of its growth trajectory.Mitek reported company record revenue of $63.6 million in its fiscal 2018, 40 percent more than the year prior.
