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 Inc. (NASDAQ: OSPN) reported its Q3 2020 financial results, showing a 35% revenue decline to $51.4 million compared to Q3 2019. The company is transitioning to a recurring revenue model, achieving 27% growth in annual recurring revenue and a 120% dollar-based net expansion rate. The pandemic has delayed several IT projects, impacting customer account growth and demand for authentication products. The company forecasts total revenue for FY 2020 between $203 million and $207 million.
OneSpan (NASDAQ: OSPN) announced its participation in upcoming investor events. CEO Scott Clements will present at the JMP Securities Small-Cap Technology Forum on November 10, 2020, at 11:30 a.m. ET. Additionally, Clements and VP of Investor Relations Joe Maxa will host one-on-one meetings at the Needham Virtual Security Conference on November 17, 2020. Clements will also present at 11:00 a.m. ET, with a live webcast and replay available on the OneSpan investor relations website. OneSpan specializes in securing digital transactions and combating fraud for over 10,000 clients, including leading banks.
OneSpan (NASDAQ: OSPN) has rescheduled its third quarter 2020 earnings release to occur after market close on November 2, 2020, instead of November 3, 2020. A conference call to discuss these results will take place on the same day at 4:30 p.m. Eastern Time. Investors can join the call via a live webcast on the company’s Investor Relations website. OneSpan specializes in securing remote banking transactions and aims to reduce digital fraud for over 10,000 clients, including major global banks.
OneSpan (NASDAQ: OSPN) will release its third quarter 2020 financial results after market close on November 3, 2020. A conference call to discuss these results will take place at 4:30 p.m. ET on the same day, with a live webcast available on the OneSpan Investor Relations website. Investors are encouraged to dial in 15 minutes early due to potential hold times. OneSpan focuses on securing remote banking transactions, providing solutions to prevent digital fraud for over 10,000 customers, including many of the world's largest banks.
OneSpan (NASDAQ: OSPN) has appointed Ajay Keni as Chief Technology Officer (CTO) to drive innovation in the financial services market through its Trusted Identity platform. Keni, with over 20 years of experience, will enhance OneSpan's anti-fraud solutions, including identity verification and multifactor authentication. The company intends to adopt a cloud-first strategy for its technology stack, improving scalability and integration. Former CTO Benoit Grangé transitions to Chief Technology Evangelist, focusing on technology vision and industry insights.
On September 17, 2020, OneSpan (NASDAQ: OSPN) announced a strategic partnership with ForgeRock to enhance digital identity management and fraud prevention in banking. This collaboration integrates OneSpan's multi-factor authentication and risk analytics into ForgeRock's Identity Platform, allowing banks to streamline identity and access management. The combined solution aims to enhance security and user experience in light of rising fraud due to Covid-19. Both companies emphasize the importance of this integration for financial institutions to manage risks effectively.
OneSpan (NASDAQ: OSPN) announced the retirement of T. Kendall Hunt from its Board of Directors, effective September 12, 2020. Hunt, who founded the company in 1997 and served in various leadership roles, played a vital role in its growth. The board has added four new directors with expertise in cloud technology, finance, and financial services to strengthen its capabilities. OneSpan's security solutions help reduce digital transaction fraud and facilitate regulatory compliance for over 10,000 customers, including more than half of the top 100 global banks.
On September 1, 2020, OneSpan (NASDAQ: OSPN) announced participation in several upcoming investor conferences. The events include the D.A. Davidson 19th Annual Software & Internet Virtual Conference on September 9, the Colliers 2020 Institutional Investor Conference on September 10, and the Jefferies Software Virtual Conference on September 15. The Sidoti Fall 2020 Investor Conference is scheduled for September 24. Live webcasts and replays will be available on the OneSpan investor relations website, highlighting the company's commitment to securing remote banking transactions.
On August 4, 2020, OneSpan announced a delay in its Q2 2020 earnings release originally scheduled for the same day. The company identified immaterial errors from prior periods concerning software license contracts, leading to estimated revenue overstatements of $2M to $2.5M from Q1 2018 to Q1 2020, less than 0.5% of total revenue. OneSpan plans to report its Q2 results on August 11, 2020, after market close. The company will assess the impact on its internal control over financial reporting.
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