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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), a digital agreements security company, will announce its first quarter 2023 financial results post-market on May 4, 2023. A conference call to discuss these results will take place at 4:30 p.m. ET on the same day. Investors can access the call through the OneSpan Investor Relations website, with a replay available shortly afterwards. OneSpan specializes in enhancing digital transformations for organizations by offering secure and compliant customer agreements, serving over 60% of the world's largest 100 banks. The company processes millions of digital agreements and billions of transactions across more than 100 countries annually, emphasizing its role in delivering high-assurance security solutions.
OneSpan Inc. (NASDAQ: OSPN) reported financial results for the fourth quarter and full year 2022, highlighting a 4% decline in Q4 revenue to $56.6 million, despite a 2% annual increase to $219.0 million. Subscription revenue surged 28% in Q4, totaling $23.8 million. Annual Recurring Revenue rose 12% to $138.7 million. The company recorded a net loss of $3.1 million, with Non-GAAP net income at $1.2 million. Adjusted EBITDA reached $3.2 million, a significant improvement from a loss the previous year. OneSpan anticipates 2023 revenue between $232 million and $242 million, representing a growth rate of 6%-11%. Key business highlights include the acquisition of ProvenDB and the launch of OneSpan Notary.
OneSpan has launched OneSpan Notary, a cloud-connected solution designed for secure and convenient digital notarization. Developed in collaboration with notaries, this service addresses the growing demand for digital transactions, especially post-pandemic, with over a billion U.S. documents notarized annually. More than 40 states have legalized Remote Online Notarization, enhancing market potential for this service. OneSpan Notary integrates with existing solutions on OneSpan's Transaction Cloud Platform, facilitating compliance and offering comprehensive features such as identity verification and secure videoconferencing. General availability is expected in March 2023.
OneSpan (NASDAQ: OSPN), a leader in digital agreements security, has introduced an innovative enterprise pricing model for its cloud-based digital agreements platform. This model aims to enhance flexibility, allowing organizations to manage their e-signature and transaction needs without overspending on licenses. By shifting away from unpredictable per-signature pricing, OneSpan enables businesses to achieve operational efficiency and cost savings. The platform offers tailored solutions including identity verification and secure transaction storage, positioning OneSpan as a competitive player in the evolving Web3 landscape.
OneSpan Inc. (NASDAQ: OSPN) announced the acquisition of ProvenDB, an Australian startup specializing in blockchain-based secure storage. This acquisition aims to enhance OneSpan’s Transaction Cloud Platform, extending its capabilities to both public and private blockchains, ensuring high assurance for digital contracts and documents.
ProvenDB's technology will add a vital layer of security, preventing data tampering and ensuring data integrity. The acquisition is expected to close in the first quarter of 2023, subject to customary conditions, and is seen as a strategic move to solidify OneSpan's position in the digital transaction security space.
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