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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 (NASDAQ: OSPN) announced the promotion of M. Samy Ibrahim to Chief Revenue Officer, aiming to enhance sales and revenue growth.
Ibrahim, with extensive experience in sales and cybersecurity, previously held roles at Forcepoint and Arbor Networks. His leadership is expected to drive strategic alignment across revenue functions as OneSpan strengthens its market position heading into 2023.
President and CEO Matthew Moynahan highlighted Ibrahim's proven ability to grow revenue and deliver excellent client service.
OneSpan Inc. (NASDAQ: OSPN), a leader in digital agreement security, has announced its participation in two investor conferences on November 15, 2022. The company will engage in a fireside chat and investor meetings at the BTIG Technology Innovation Summit and the 16th Annual Needham Virtual Security, Networking, & Communications Conference. OneSpan specializes in enhancing digital transformations for organizations by providing secure and compliant transaction experiences, serving over 60% of the world's largest banks and processing millions of agreements globally.
OneSpan (NASDAQ: OSPN) has launched the DIGIPASS CX, a cloud-connected personal security device, enhancing identity verification amidst rising cyber threats. This innovative device addresses increasing incidents of identity theft, aiming to restore trust in digital transactions. The DIGIPASS CX devices allow users to authenticate transactions from any device using high-security biometric methods and various authentication protocols. The rollout is expected in Q2 2023, focusing on providing continuous security throughout customer interactions.
OneSpan reported Q3 2022 results with total revenue of $57.1 million, a 9% year-over-year increase, despite foreign exchange challenges impacting revenues by approximately $4.5 million. Subscription revenue rose 25% to $22.3 million, and Annual Recurring Revenue (ARR) grew 14% to $135.8 million. The company expects ARR growth to be 12%-13% for the year, revised from 16%-18%. Despite a net loss of $7.2 million, Adjusted EBITDA improved to $4.5 million, reflecting ongoing investments in sales and product development.
OneSpan Inc. (NASDAQ: OSPN) will release its third quarter 2022 financial results on November 1, 2022, after the market closes. A conference call to discuss these results is scheduled for 4:30 p.m. ET on the same day. Investors can join the call via the OneSpan Investor Relations website, where a replay will also be available shortly after. OneSpan aids organizations in secure digital transformations and serves over 60% of the world’s largest 100 banks.
OneSpan (NASDAQ: OSPN) has appointed Stuti Bhargava as its first Chief Customer Experience Officer, marking a commitment to improving customer interactions. With over 20 years in technology, including leadership roles in customer success at Immersive Labs and BitSight, Bhargava is expected to enhance OneSpan's customer journey. CEO Matthew Moynahan emphasized the importance of customer focus in accelerating digital transformations. This strategic role aims to maximize customer value from OneSpan's cloud-based security solutions.
OneSpan (NASDAQ: OSPN) has launched its Virtual Room, a secure cloud service designed for high-assurance customer engagement. This solution combines identity security with e-signature capabilities, enabling organizations to conduct live, personalized interactions while enhancing security and reducing fraud risks. The Virtual Room aims to improve agreement completion rates in a secure environment, addressing the need for high compliance and verification in digital transactions. With the rise of remote interactions, this innovative tool positions OneSpan prominently in the digital agreement market.
OneSpan (NASDAQ: OSPN) announced an expansion of its Cloud Authentication service with BankID, enhancing security for digital transactions across all Norwegian banks. Initially launched in
OneSpan (NASDAQ: OSPN) has appointed Jorge Garcia Martell as its new Chief Financial Officer, effective September 6, 2022. He replaces Jan Kees van Gaalen, who served as Interim CFO. Martell brings over 20 years of financial and operational experience, having previously held significant roles at Extreme Reach and Sapient Corporation. His expertise includes M&A strategy and financial optimization, aligning with OneSpan's goals to drive growth and profitability as the company navigates the evolving cybersecurity landscape.
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