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- The board of directors of Mitek Systems Inc., the developer of remote deposit capture and identity-verification software, has concluded its “strategic review” of alternatives that could have led to the company being acquired, but now plans to remain independent. “Our board, following a thorough review of the results and in consultation with our financial and legal advisers, determined that there were no offers that it deemed in the best interest of Mitek shareholders,” chief executive Max Carnecchia said on Mitek’s quarterly earnings call Wednesday.
- Merchant acquirer EVO Payments Inc. reported $135.4 million in adjusted first-quarter earnings, following adoption of a new accounting standard, a 5.5% increase from $128.3 million a year ago. Its net loss of $19 million broadened from a loss of $15 million. EVO said it had it processed 234.2 million North American transactions in the quarter, a 6% increase from 221.5 million. In Europe, transactions totaled 558 million, a 17% increase from 476.5 million. In March, EVO announced the acquisition of Way2Pay, an Ireland-based gateway and Wednesday it said it was buying the payment gateway assets of Mexico City-based SF Systems.
- Puerto Rico-based payment processor Evertec Inc. reported $26 million in first-quarter revenues from merchant acquiring, up 11% from $23.4 million a year earlier.
- American Express Co. added a 3% cash-back reward for transit transactions to its contactless-enabled Blue Cash Preferred Card. Transit is viewed as one of the essential arenas that could spur greater contactless payment adoption.
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