Darrell...MITK has really tightned up its focus over the past year. Through new product development, alliances and joint agreements they have positioned the company for rapid growth...my opinion only. I think the numbers going forward will make the shareholders happy AND bring the company some attention from the small cap funds.
Strong rel volume today of 70,000...MITK closed up 1/8 at 1 5/8.
Mitek Systems' Doctus Awarded 'Best of AIIM' by
Imaging and Document Solutions Magazine At AIIM
'99 Show and Conference
SAN DIEGO--(BUSINESS WIRE)--April 29, 1999--Mitek Systems Inc. (Nasdaq:MITK - news) today announced that
Doctus(TM), the company's new universal document capture and forms processing solution, was awarded 'Best of AIIM' by
Imaging and Document Solutions magazine at the 1999 AIIM Show and Conference in Atlanta.
A pre-release version of Doctus was introduced and demonstrated earlier this month at AIIM. The company expects to release
the product at the end of the second quarter of 1999.
Utilizing what Mitek calls ''Document Understanding,'' Doctus automatically distinguishes among thousands of document types
and formats to allow for the high-speed capture, classification, indexing, recognition and validation of most any document.
Doctus provides users with the capability to process documents with variable formats (i.e., unstructured documents) that
previously resisted automation.
Simply submit a sample set of documents, tell Doctus what data to look for and how to recognize and interpret the data. It will
not only process documents contained in the sample set, it will also process similar forms from new sources without the need to
define the form or to change anything in the configuration.
''Doctus can easily be integrated within existing document management systems and off-the-shelf imaging and workflow
software packages,'' said Bill Boersing, Vice President of North American Sales for Mitek Systems Inc. ''The system utilizes
Mitek's proven, state-of-the-art recognition technology, and is particularly well-suited for use in supporting higher volume,
complex applications that are focused on unstructured forms processing. It is within these types of applications where the most
significant return on investment can be achieved.''
Doctus is comprised of eleven individual modules, each of which can be customized to meet an organization's unique
requirements. The Form Studio module is a Windows-based editor for forms definition, while Scan provides scanner control
and batch creation functionality. The Grab-A-Fax module is a versatile fax communications utility, Recog provides advanced
document and text recognition, and CharInsp offers high-speed character verification and editing capabilities.
The Doctus ValEdit Designer module is a screen layout creation tool, while ValEdit furnishes data validation and editing. The
program's Store module provides for fast and flexible output of data, and SysAdmin is a comprehensive system management
and administration tool. The MakeBatch module offers automatic batch creation, image cleanup, and form identification, while
Config provides system-wide configuration options for administrators.
Mitek Systems Announces Collaboration With Science
Applications International to Develop New
Technology
SAN DIEGO--(BUSINESS WIRE)--April 14, 1999--Mitek Systems Inc. (Nasdaq:MITK - news) and Science Applications
International Corp. (SAIC) Wednesday announced that they will jointly explore the potential for applying new technology in the
processing of loosely structured documents.
John Thornton, Mitek's chairman and president, said: ''To date, tools for automating data extraction from loosely structured
documents have been quite limited. In general, existing tools have required extensive hand crafting of rules for each application,
which requires specialized training, is very labor-intensive and is prone to error.
''Moreover, there is little or no generalization capability, requiring extensive maintenance operations to keep pace with changes
in incoming documents. Our collaboration with Science Applications will explore new methods of reading loosely structured
documents by combining Mitek's superior intelligent character recognition engines with SAIC's ability to locate and extract data
from a wide variety of loosely structured documents.''
Automated Document Processing
Historically, automated document processing systems have focused on two extremes of document type: completely structured
and completely unstructured. Forms, such as tax forms, census forms, etc., are the primary examples of completely structured
documents.
Automated extraction of data from such documents relies on the fact that each data element of interest appears on each form in
a known horizontal and vertical (X-Y) position. Data elements are located based on these known positions, and are read using
optical character recognition (OCR) technology. The data elements typically are then entered into a structured database for
further processing.
At the other extreme of document processing are unstructured documents. Examples include letters, reports, newspapers and
magazines. In general, such documents do not present information in repeatable X-Y positions.
In automated processing, such documents typically are treated as consisting of blocks of text. OCR technology is used to
convert the text from such documents for entry into full-text databases.
Many business documents, however, fall in between these two extremes of document type. Examples include invoices, bills of
lading and insurance notices. Such documents typically have some type of header region that includes identifying information
such as a company name or invoice number.
Much of the data of interest, however, is contained in subsequent sections that may have only a generalized layout. As an
example, an invoice may list a variable number of items. Individual entries may vary in vertical extent based on the length of
each product description.
Items such as ship-to locations, totals and payment dates may appear in highly variable positions. Documents with such
characteristics have been referred to as flex-forms, pseudo-forms and partially structured, or loosely structured documents.
Science Applications International
Over the past few years, SAIC has carried out an intensive research and development effort to apply modern machine learning
techniques in document processing. This effort has resulted in a dramatic advance in the ability to locate and extract data from a
wide variety of loosely structured documents.
This technology can deal effectively with data that can exhibit large horizontal and vertical displacements, including movement
across page boundaries. Most importantly, this approach does not require any explicit programming or rule crafting on the part
of the user. Systems based on this technology learn by example.
A user simply displays a few images of each document type and draws bounding boxes around items of interest. The system
automatically learns how to locate the data. The algorithms employed possess very powerful generalization capabilities, allowing
many changes in document layout to be accommodated automatically.
Association for Information and Image Management
In a collaborative effort, Mitek and SAIC have incorporated this new technology into Mitek's industry-leading forms
processing software. This technology is being showcased at the annual conference and exhibition of the Association for
Information and Image Management (AIIM).
Each year's AIIM Conference is the definitive event for the automated document processing industry. This year's conference is
being held in Atlanta from the 11th through the 15th of April.
Thornton added: ''Mitek and SAIC believe that the new capabilities provided by this unique technology represent a
fundamental advance in automated document processing. This advance is anticipated to enable a wide range of new
applications. We are using the AIIM conference as a venue for exploring the market potential of this new advance.''
SAIC is the largest employee-owned high-technology company in the United States. With more than 35,000 employees and
estimated annual revenues in excess of $4 billion, SAIC is ranked No. 347 in the Fortune 500.
Mitek Systems is a worldwide leader in intelligent character recognition technology, products and services for the document
imaging markets, with headquarters at 10070 Carroll Canyon Rd., San Diego, Calif. 92131.
The company's document imaging software engine and intelligent character recognition products and services are used in
mission-critical and high-volume data entry, data capture and forms processing applications installed in many of the world's
leading financial institutions, manufacturing and service companies, and government organizations.
Mitek Systems Inc. Completes Worldwide Licensing
Agreement With BSM Inc.
Mitek Licenses Item Processing Products for Implementation in Small Banks and Credit Unions
SAN DIEGO--(BUSINESS WIRE)--April 1, 1999--Mitek Systems Inc. (Nasdaq:MITK - news) Thursday announced that it
recently completed a worldwide, perpetual, royalty-based license agreement with BSM Inc.
Under this agreement, Mitek will exclusively license three of BSM's item processing products for integration with Mitek's
automated document processing systems.
Mitek will market these products to small banks, credit unions, utility companies and other small volume item processors -- a
market not currently addressed by other vendors. As a result of the agreement, a founder and principal of BSM with more than
30 years experience in item processing and check imaging will be joining Mitek Systems.
John Thornton, Mitek's chairman and president, said, ''Mitek is a recognized leader in the field of intelligent character
recognition technologies for the financial market. By bringing our technology together with BSM's products, we expect that a
great deal of synergy will be generated to penetrate this niche market that is not being addressed by today's vendors.
''With these new item processing products, small banks, credit unions and utility companies will have a viable alternative to
outsourcing their item processing operations. These organizations will no longer face the sizable fees to outsource this process,
plus they will realize a quick return on their investment,'' explained Thornton.
Thomas Burns, BSM's president and chief executive officer, said, ''We are excited about this opportunity with Mitek because
they are the leader in character recognition technology. We believe that by combining our products with their character
recognition technology, Mitek will successfully provide the most economical and advanced item processing solution designed
for small businesses.''
BSM is a software developer of payment processing systems including check processing, remittance processing and exception
item processing. The company is located at 500 West Foothill Blvd. in Claremont, Calif.
Mitek Systems and Optika Agree to Jointly Market a
Financial Forms Processing Solution
Mitek's Automated Forms Processing Capabilities Will Provide Optika
eMedia Customers With Enhanced Solution
SAN DIEGO--(BUSINESS WIRE)--March 25, 1999-- Mitek Systems Inc. (Nasdaq:MITK - news) Thursday announced
that it recently signed a co-marketing agreement with Optika Inc. to provide a forms processing software solution specifically
for financial services applications.
Mitek and Optika plan to offer a fully integrated version of Mitek's automated forms processing solution to every customer who
purchases Optika eMedia(tm), the company's Web-based and fully integrated imaging, workflow, COLD and document
management solution.
Optika eMedia customers can elect to receive the Mitek forms processing solution free-of-charge for a one-year trial period.
After the initial year, end-users have the option to purchase a license for the product from Mitek or one of its authorized
resellers.
Optika eMedia is the industry's first extranet software suite that combines imaging, document management, workflow and
COLD applications with a Web-based architecture to manage the full range of electronic and paper-based business
transactions. Mitek's high-quality recognition results have found great success in the financial services industry.
The company expects its new document classification and dynamic field identification capabilities to provide additional benefits
to financial services application users. Mitek's pre-packaged and application specific forms processing solution will greatly
complement Optika eMedia's integrated financial services solution, providing a distinct competitive advantage in many
forms-intensive financial and banking market sectors.
William Boersing, Mitek's vice president of North American Sales, said: ''Optika already has a strong track record and
customer base in financial services applications. We are very pleased to provide Mitek's automated forms-based solution in
conjunction with Optika eMedia in support of Optika's goal to help financial institutions gain control over business
transactions.''
Steve Maegdlin, Optika's vice president of Product Marketing and Management, said: ''We are very pleased about this
partnership with Mitek and believe it will enhance our offerings to financial services customers. Providing our Optika eMedia
customers in the financial services market with the option to receive a tightly integrated recognition and forms processing
solution will enable them to more effectively manage paper-based transactions.''
Optika (Nasdaq:OPTK - news) is a leading provider of Web-commerce solutions for intranets and extranets. By leveraging the
Web, Optika's software bridges the gap between paper and electronic commerce across the enterprise and throughout supply
chains.
The company's flagship product, Optika eMedia, enables Fortune 1000 companies to efficiently and inexpensively manage the
high-volume flow of paper and electronic data associated with running today's businesses.
Optika, with headquarters in Colorado Springs, Colo., was named one of the Top 250 Technology Companies for 1998 by
Software Magazine and has been honored as a 1998 One to Watch Company by KM World. For more information about
Optika or Optika eMedia, contact the company at 719/548-9800 or visit Optika on the Internet at www.optika.com.
|
