MITEK SYSTEMS RAISES $15 MILLION IN PRIVATE PLACEMENT

SAN DIEGO – May 9, 2011 -- Mitek Systems, Inc. (OTC: MITK.OB; www.miteksystems.com), the leader in mobile-imaging applications using smartphone cameras for check deposits, bill payments and ACH enrollments, announced today that it has closed a private placement of an aggregate of 2,857,143 shares of common stock at $5.25 per share to accredited investors yielding gross proceeds of $15,000,000.

The private placement was led by select institutional investors, including Weintraub Capital Management and Philadelphia Financial.

“We are very pleased to have completed this private placement and to have added high-quality new investors to our company,” said President and CEO James B. DeBello. “This financing validates our position as a leading innovator in mobile payments.”

Mitek Systems plans to use the net proceeds of the offering to fund working capital as a part of its growth strategy.  As a result of this transaction, Mitek plans to file for listing of its shares on the NASDAQ Capital Market.

William Blair & Company, LLC acted as the exclusive placement agent for the offering.

The securities issued in the private placement have not been registered under the Securities Act of 1933, as amended. Accordingly, these securities may not be reoffered or resold in the United States, except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act.  This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities.