Hiring Spurs Stock Uptick

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Investors seem to be in favor the mobile capture ISV Mitek’s hiring of a new senior VP of sales and business development. Michael Diamond has experience in the mobile payment space, as well as the electronic transaction space in general (with S1 Corporation). He also spent time at IBM.

Mitek’s stock value rose 14% today after Diamond’s hire was announced. The value had sharply declined from a high of more than $13 per share – to a low of less than $2 per share in April after USAA sued Mitek for stolen technology and called out the validity of their patents around mobile imaging. Mitek is fighting the claims and its stock closed today at $3.35 per share, giving it a market cap of $85 million – still not bad for a company that reported just $1.2 million in revenue last quarter.

Mobile technology space is still clearly valued by investors.

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