Welcome to our dedicated page for OneSpan news (Ticker: OSPN), a resource for investors and traders seeking the latest updates and insights on OneSpan stock.
OneSpan Inc. (symbol: OSPN) is a globally recognized provider of cutting-edge information technology security solutions, primarily serving the banking, financial services, and application security markets. The company is dedicated to enabling financial institutions and other organizations to achieve significant advancements in their digital transformation journeys. OneSpan's core business revolves around establishing trust in people's identities, the devices they utilize, and the transactions that shape their daily lives.
Serving over 10,000 customers, including more than half of the top 100 global banks, OneSpan's solutions are trusted to protect some of the world's most important business relationships and processes. The company offers a diversified portfolio of products, such as digital onboarding, fraud mitigation, and workflow management tools, all aimed at reducing costs, accelerating customer acquisition, and enhancing customer satisfaction.
OneSpan's primary product offerings include authentication and anti-fraud solutions, featuring multifactor authentication and virtual private network (VPN) access capabilities. These solutions secure and manage access to digital assets and protect online transactions, whether conducted via mobile devices or in-person.
The company generates revenue from various streams, including hardware and license fees, maintenance and support fees, and subscription fees. The majority of OneSpan's revenue comes from Europe, the Middle East, and Africa, with additional contributions from the United States and the Asia-Pacific region.
OneSpan's recent achievements include numerous partnerships with leading global financial institutions and the continuous enhancement of its unified, open platform. This platform is designed to streamline and secure key business processes, contributing to the company's growth and success in the rapidly evolving digital security landscape.
OneSpan (NASDAQ: OSPN) announced that Chief Financial Officer Mark Hoyt is leaving to join a private company, with his departure expected in early June. Hoyt has contributed significantly to OneSpan's transformation and revenue growth during his tenure. The company is now seeking a replacement with expertise in cloud-based software solutions to maintain momentum. CEO Scott Clements expressed gratitude for Hoyt's contributions and emphasized the importance of continuing the company's transition towards higher-margin revenue streams.
OneSpan (NASDAQ: OSPN) has launched the OneSpan Sign Virtual Room, enhancing remote agreement collaboration and e-signing capabilities for financial services. This platform enables secure, video-enabled interactions, allowing institutions and clients to jointly sign documents in real-time, thereby improving efficiency and customer engagement. The Virtual Room addresses changing consumer preferences for digital interactions, particularly in complex banking transactions. This development caters to increased demand for high-value agreements, aiding in customer retention and quick transaction processing.
Legion Partners Asset Management announced its nomination of four independent directors for OneSpan's Board to enhance value for shareholders. Beneficially owning approximately 6.9% of OneSpan's stock, Legion aims for significant Board refreshment, asserting the current directors lack relevant experience for the company’s cloud-first strategy. Key points include calls to monetize the Hardware business and a belief that effective changes could raise share valuations by 70%. Legion encourages stockholders to support its nominees to unlock stockholder value.
OneSpan™ Inc. (NASDAQ: OSPN) has appointed Garry Capers as an independent director, effective April 6, 2021. Mr. Capers brings extensive experience in SaaS solutions from his role at Deluxe Corporation and prior leadership roles at Automatic Data Processing and Equifax. His appointment is part of OneSpan's initiative to enhance board expertise in cloud-centric, recurring revenue models, aligning with the company’s strategic goals. This follows a trend of board refreshment, adding four independent directors since June 2019.
OneSpan Inc. (NASDAQ: OSPN) will release its first quarter 2021 financial results on May 4, 2021, after market close. A conference call to discuss these results will take place at 4:30 p.m. ET the same day. Investors can access a live webcast of the call on the OneSpan Investor Relations website. The company emphasizes its role in securing remote banking transactions and reducing digital fraud, serving over 10,000 customers including many top global banks.
Legion Partners Asset Management, owning 6.8% of OneSpan's stock, has issued an open letter to shareholders nominating four independent director candidates for election. They criticize OneSpan’s valuation issues, lack of corporate governance, and poor capital allocation practices. Legion Partners emphasizes the need for a strategic review to enhance shareholder value. They express loss of confidence in the current Board after numerous attempts to engage. The letter highlights underperformance, lack of relevant skills among long-tenured directors, and missed strategic opportunities as key concerns.
OneSpan reported its fourth quarter and full-year 2020 results, revealing a challenging year with a 15% decline in total revenue to $215.7 million. However, the company saw a significant increase in annual recurring revenue (ARR), which grew by 29%, surpassing its long-term target. The fourth quarter revenue of $52.9 million marked a 25% decrease from the previous year, attributed to customers accelerating purchases in 2019 due to regulatory compliance. Despite these challenges, gross margins improved, and the company plans to focus on recurring revenue growth in 2021, projecting ARR growth between 22% and 26%.
OneSpan (NASDAQ: OSPN) will announce its Q4 and FY 2020 financial results on February 23, 2021, after market close. A conference call will be held that day at 4:30 PM ET to discuss the results, which can be accessed via webcast on the OneSpan Investor Relations website. OneSpan specializes in securing remote banking transactions and provides solutions to over 10,000 customers, including many leading global banks, helping to reduce digital fraud and improve user experience.
OneSpan (NASDAQ: OSPN) will release its fourth quarter and fiscal year 2020 financial results post-market on February 23, 2021. A conference call is scheduled for 4:30 p.m. ET the same day to discuss these results, featuring a live webcast available on the company’s Investor Relations website. OneSpan specializes in securing remote banking transactions, focusing on reducing digital fraud through its Trusted Identity platform, catering to over 10,000 customers globally, including many top banks.
OneSpan (NASDAQ: OSPN) announced CEO Scott Clements and VP of Investor Relations Joe Maxa will participate in the 23rd Annual Needham Virtual Growth Conference from January 11-15, 2021. OneSpan is scheduled to present on January 13 at 4:15 p.m. ET and will offer one-on-one meetings. The event aims to showcase OneSpan's advancements in securing remote banking transactions and addressing digital fraud, as the company supports over 10,000 customers, including half of the top 100 global banks.
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