Would be nice if they had verification by CC or Dr Lic Image...
Hilton Worldwide, a company that operates thousands of hotels around the globe, today announced plans to roll out new mobile-based check-in and room selection tools, as well as digital smartphone-based room keys.
Hilton guests will be able to select their rooms online using their smartphones, which will be able to display floor plans for each available room. Guests will also be able to check-in/check-out using their smartphones, as well as purchase upgrades and make special requests for item deliveries.
While Hilton's new service is limited to check-ins and room selection at the current time, next year the hotel chain plans to allow guests to unlock their hotel rooms with their smartphones.
Another point. They may be opening MAO and MPBP for partners to sell since they have bank relationships.
I believe they will keep Mobile Direct Payment - large direct billers like Comcast to themselves.
Since there are so many credit cards, reward cards, utilities, etc out there this could become a lucrative segment in the future.
Honestly, although I am a bit disappointed that things are taking longer than I anticipated to materialize - there's nothing really wrong with Mitek. They are growing and advancing their product line but are not in a direct consumer marktet. They have to content with CPs, and banks.
The decision to use the product is a long process.
That said, they are doing close to 20M in rev now. I think it will take 3 year to double the revenue of MD so they'll be doing about 40M there.
The rest is about how they can ramp other products. You can't snowball without snow and the other products don't have it yet. Maybe in 3 years the other products can contribute 10-15M --it's all a guess so I'm guessing on the conservative side.
Perhaps it could be 6 years before they achieve 100M a year.
of course, anything can happen between now and then. Including a buyout after the USAA case is finished.
Don't forget USAA owes us for almost 3 years of non-payment on MD and I seem to recall Mitek was asking for 2M+ when they sued, so perhaps they own 6M plus penalty for disclosing terms -- add on what you will.
They did mention on the call that their efforts in direct sales of Bill Pay established pricing in the market. I believe it is substantially higher than MD so even with CPs on board, Mitek will be making more per click.
Increased sales force, lower sales expense and, true, lower revenue as they will be sharing but they just weren't selling it well on their own so at least they smart enough to not kick a dead horse and get some help from those with strong banking relationships.
Again, letting the CPs in also keeps them from teaming up with competitors as occurred with Fiserv.
Also, I wonder if this has anything to do with Fiserv aligning with TISA for certain services?
No problem for me as I own both but Mitek may have experiences some "friction:" of their own
by not cutting in CPs on their other products. They may wind up turning them into competitors with other
tech if they don't lock them up as partners on their other products.
I believe the developer products with be all Miteks. In it's infancy now but could be big later on.
I believe they are opening up those areas to channel partners but will still pursuit some top banks directly but with a smaller staff. They will be able to lessen staff and resources for direct sales effort through the aid of CPs. This may help get us the ramp that we got with MD. They sales effort will be greatly increased with CPs going after business even though revenue sharing will occur.
They did also mention they directly signed another customer for MPBP besides US Bank. BBVA and First Financial and that they went live this Q.
They list Mitek as partner and are set to launch their product in 6 days.
At least we're up on a down day in the market
Mitek has 15 channel partners that buy blocks of transactions.
Last Quarter they had 9 reorders
This Quarter they had 13 reorders.
6 of the 15 CPs did not reorder last Q.
If all of those 6 that didn't order last Q reordered this Q
that means at the very least 7 of the channel partners that ordered last Q ALSO ordered this Q.
Could be more, but at least 7 ordered 2 quarters in a row.
If this holds up, 7 may be our new base as the lowest number of reorders we will see in a Q.
I believe banks are getting sharper at determining what their needs are Q to Q.
Last Qs transaction numbers. There's no excuse they could come up with for not having them available to the investing public.
DeBello has stated in the past when the question of transaction count for the Q comes up,
that it is difficult for them to get all the data in from the banks in a months time in order to have that info
for the conference call.
I HAVE THE SOLUTION:
Give us the transaction numbers FROM THE PREVIOUS QUARTER.
Are you telling me that FOUR MONTHS later they wouldn't have the transactions numbers????
This is vital information that the company is withholding. It doesn't disclose any secret contractual info.
It tells you how many checks have been deposited and allows you to clearly see the transaction growth.
Reorders tell you next to nothing. You can't tell how long they take to be depleted.
Transaction numbers tell you exactly what you want to know!!!!!
Last Qs numbers are fine with me.
Yes, Nad - There is little that more banks can do for Mitek as they already have 70% of the top 100. These extra banks do not have the bang. Usage must and is growing.
The other products MPAO, MBT, MPBP must start gaining traction.
I'm sure you realize that the losses will stop within 3 to 6 months.
All in all not bad. Let's here more about those MAO and MPBP pilots.
Well, presentationally this can't be as bad as last earnings report. One question for Bhavan at William Blair who is basically required to be on the call since Blair does all of Mitek's secondaries etc. That call was a nightmare. I guess they'll pay some people to pick up the phone this time and pretend they care.
We need decent numbers and some MEANINGFUL announcements of major players for MAO and MBT.
Hard to believe no one is willing to sign up for these products.
Allied Payment Network, a provider of online and mobile bill payment services to the financial industry, announced that it has been recognized as one of the 2014 Indiana “Companies to Watch,” an awards program presented by the Indiana Office of Small Business and Entrepreneurship (OSBE), its Indiana Small Business Development Center, the Indiana Economic Development Corporation (IEDC), and endorsed by the Edward Lowe Foundation.
“Companies to Watch” recognizes Indiana’s privately-held second-stage companies that have experienced exceptional growth and are well positioned for future growth. Allied was selected based on the company’s positive and measurable impact on Indiana’s diverse economy, which is driven by the success of Allied’s innovative online and mobile bill pay products.
The 27 companies honored range in industries and have headquarters based in 12 counties throughout the state. From 2010 through 2013, these companies generated $379 million in revenue and added 622 employees (both in Indiana and out of state), reflecting a 120 percent increase in revenue and 96 percent increase in jobs for the four-year period. That translates into a 40 percent annual revenue growth and 32 percent annual growth in employees.
Kroger, Costco, Target are my guesses. We already have a card at Walmart.
Good one, EF. Wonder which chain? UP and running by late summer. Guess we'll know soon.