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) announced the appointment of Matthew Moynahan as President and CEO effective November 29, 2021. Previously CEO at Forcepoint, he is recognized for transitioning the company to a cloud-consumption model and achieving record growth. With over two decades in technology and cybersecurity, Moynahan aims to enhance shareholder value and drive revenue growth at OneSpan. Interim CEO Steven Worth will assist in the transition. The Board expressed confidence in Moynahan's leadership for upcoming business transformations.
OneSpan reported third-quarter 2021 results, achieving total revenue of $52.3 million, a 2% year-over-year increase, driven by a 38% rise in recurring revenue to $30.5 million. Annual Recurring Revenue (ARR) also grew 24% to $119 million. Despite a GAAP net loss of $1 million and an operating loss of $2 million, the company has raised its revenue guidance for 2021, now anticipating $209-$213 million. Adjusted EBITDA is expected to improve, ranging from negative $6 million to negative $8 million.
OneSpan Inc. (NASDAQ: OSPN) is set to release its Q2 2021 financial results after market close on November 2, 2021. The company will host a conference call that same day at 4:30 p.m. ET to discuss the results, with a live webcast available on their Investor Relations website. OneSpan specializes in digital banking security and e-signatures, aiming to reduce digital transaction fraud for major global banks and financial institutions.
OneSpan (NASDAQ: OSPN) has been selected by BankID to secure Norway’s digital identity through cloud-based authentication and anti-fraud solutions. This partnership aims to enhance the user experience and bolster security for the widely utilized BankID mobile application. The integration of OneSpan’s Mobile Security Suite, Application Shielding, and Cloud Authentication will protect users and improve scalability. BankID is crucial for secure online transactions, and this modernization reflects Norway's commitment to digital innovation.
OneSpan Inc. (NASDAQ: OSPN), a leader in digital banking security, announced participation in several investor conferences. Key events include:
- Colliers 2021 Institutional Investor Conference on September 9, 2021, featuring John Bosshart and Joe Maxa.
- D.A. Davidson 20th Annual Software & Internet Virtual Conference on September 9, 2021, with Steven Worth.
- Jefferies Virtual Software Conference on September 15, 2021, with Steven Worth and Joe Maxa.
- Sidoti Fall 2021 Virtual Small Cap Investor Conference on September 22, 2021, with Joe Maxa.
OneSpan Inc. (NASDAQ: OSPN) reported a decline in revenue for Q2 2021, totaling $52.3 million, down 5% year-over-year. For the first half, revenue reached $103.1 million, a 7% decrease. The company also faced a GAAP operating loss of $8.9 million for Q2 and $18.2 million for the first half. Despite a growth of over 50% in e-signature and mobile security revenues, challenges persist with other solutions, leading to lower guidance for the full year.
The company anticipates total revenue between $205 million to $215 million, revising earlier expectations.
OneSpan (NASDAQ: OSPN) announced leadership changes aimed at bolstering strategic growth and enhancing business transformation. Steven Worth has been appointed Interim CEO following Scott Clements' resignation. Worth, who has significant experience within the company and the tech sector, aims to optimize operations and accelerate revenue growth. John Bosshart has taken on the role of Interim CFO. Additionally, Al Nietzel has become Chair of the Board, succeeding John N. Fox Jr., who has retired. The company seeks a permanent CEO with a focus on software and growth.
OneSpan Inc. (NASDAQ: OSPN) will release its second quarter 2021 financial results after the market closes on August 4, 2021. 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 via telephone or through a live webcast available on the OneSpan Investor Relations website. The conference call aims to provide insights into OneSpan's performance and strategies moving forward.
OneSpan Inc. (NASDAQ: OSPN) has entered into an agreement with Legion Partners Holdings, which owns approximately 6.9% of OneSpan's stock. As part of this agreement, Legion's nominees, Sarika Garg and Michael McConnell, will join OneSpan's Board after the 2021 Annual Meeting scheduled for June 9, 2021. This move follows the announcement of board retirements, including Chairman John N. Fox by September 30, 2021. The cooperation agreement also includes customary standstill and voting commitments, aiming to enhance shareholder value.
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