Adaptive Solutions and Mitek Systems form strategic alliance.BEAVERTON, Ore.--(BUSINESS WIRE)--Oct. 25, 1996--Adaptive Solutions Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ADSO) today announced that it has formed a bilateral strategic alliance with Mitek Systems (NASDAQ:MTIK) of San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. to accelerate Mitek's Quickstrokes/API (Application Programming Interface) software up to ten times over existing standard technology. Mitek's Quickstrokes/API uses Adaptive Solutions' CNAPS CNAPS Center for Northeast Asian Policy Studies PCI (1) (Payment Card Industry) See PCI DSS. (2) (Peripheral Component Interconnect) The most widely used I/O bus (peripheral bus). coprocessor coprocessor Additional processor used in some personal computers to perform specialized tasks such as extensive arithmetic calculations or processing of graphical displays. board. In return, Adaptive Solutions will license Mitek's Quickstrokes/API Intelligent Character Recognition In computer science, intelligent character recognition (ICR) is an advanced optical character recognition (OCR) system that allows fonts and different styles of hand writing to be learned by a computer during processing to improve accuracy and recognition levels. (ICR (Intelligent Character Recognition or Image Character Recognition) The machine recognition of hand-printed characters as well as machine printing that is difficult to recognize. ) technology as core technology in its future forms processing and label processing product line. Both companies will benefit from a mutually cooperative sales and marketing effort. The alliance launches Adaptive Solutions' focus on forms processing and label processing vertical markets and strengthens Mitek's focus on finance and government applications. Adaptive Solutions' future forms processing and label processing product line will be enhanced by adding Mitek's de facto [Latin, In fact.] In fact, in deed, actually. This phrase is used to characterize an officer, a government, a past action, or a state of affairs that must be accepted for all practical purposes, but is illegal or illegitimate. industry standard ICR technology. Mitek's dominance in the financial and government forms processing market will increase by opening up new applications requiring high performance obtained through Adaptive's CNAPS PCI boards. John Kessler, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Mitek Systems said, "To address forms processing applications demanding greater accuracy and execution speeds, Mitek has adopted Adaptive Solutions' CNAPS SIMD (Single Instruction stream Multiple Data stream) A computer that performs one operation on multiple sets of data. It is typically used to add or multiply eight or more sets of numbers at the same time for multimedia encoding and rendering as well as scientific (Single Instruction Multiple Data) data parallel architecture as our next-generation acceleration engine for Quickstrokes/API. This will allow Mitek to pursue forms processing applications that, prior to CNAPS acceleration, were beyond the capability of our Quickstrokes/API product. Our two companies plan to exploit a combination of Mitek's character recognition technology and Adaptive's future generation Motorola VECOMP hardware acceleration strategies to ensure Mitek's continued strength in forms processing." This alliance adds state-of-the-art hand-print ICR technology to Adaptive Solutions' product line. "Using Mitek's hand-print ICR technology," said Dan Hammerstrom, interim CEO of Adaptive Solutions, "we will be able to supply our customers in the forms processing and label processing markets with the unique capability to read hand-printed and machine-printed documents from one family of products, with higher performance than is now available in the ICR market. Adding Mitek's hand-print ICR technology to our existing machine-print technology from Mimetics S.A. and data parallel processing expertise, Adaptive Solutions is poised to exploit the high performance forms and label processing market. Our first products generated from the alliance with Mitek are planned for the first half of 1997." The alliance benefits Mitek and its customers in three ways. First, the speed and accuracy of the Quickstrokes/API product are improved. Second, the use of CNAPS adds PCI bus capability to the Mitek product line, providing customers with an upgrade path from existing products. Third, Mitek can now focus on its core forms processing software expertise without having to focus on hardware acceleration issues. Adaptive Solutions, with headquarters in Beaverton, pioneered data parallel processing for advanced pattern recognition image processing and ICR applications. The company designs and manufactures forms and label processing products using the CNAPS architecture for transportation markets. The company was formed in 1988, had 1995 sales of $10.7 million and has 30 employees. CONTACT: Harris Massey Herinckx Fletcher Chamberlin, 503/295-1922 or Adaptive Solutions Inc. Gary Miller, 503/690-1236 |
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