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.
Legion Partners Asset Management, holding 2,790,121 shares (6.9% ownership) of OneSpan (OSPN), has nominated four independent director candidates for the 2021 Annual Meeting. The nominees—Sarika Garg, Rinki Sethi, Michael J. McConnell, and Sagar Gupta—are expected to bring substantial modern software and cybersecurity expertise to OneSpan's Board. Legion argues the current Board lacks relevant experience and has overseen underperformance. They advocate for financial transparency, improved governance, and strategic oversight to enhance shareholder value.
OneSpan (NASDAQ: OSPN), a leader in securing remote banking transactions, announces participation in three upcoming investor conferences. CEO Scott Clements and VP Joe Maxa will hold one-on-one meetings on June 1 and June 10, 2021, at the Cowen 49th Annual Technology, Media & Telecom Conference and Baird 2021 Global Consumer, Technology & Services Virtual Conference, respectively. Clements will present at both conferences. A webcast link for live presentations and archived replays will be available on the company's investor relations website.
OneSpan (NASDAQ: OSPN) has issued a letter to stockholders emphasizing the qualifications of its board of directors compared to nominees from Legion Partners Holdings. The company urges stockholders to support its nine director nominees in the upcoming annual meeting on June 9, 2021. Recently, OneSpan has incorporated six new board members with cloud and software expertise to aid in its transformation from an authentication business to a trusted identity solutions provider. The letter argues against Legion’s nominee experience, citing limited cloud exposure and lack of actionable strategies.
OneSpan (NASDAQ: OSPN) announced that Belfius Bank has integrated its Mobile Security Suite (MSS) into its mobile app, enhancing protection against cybercrime for 1.5 million users. MSS features biometric authentication and risk analysis to secure banking transactions. With the rise in mobile malware attacks, OneSpan's technology aims to improve app security without compromising user experience. Belfius focuses on customer satisfaction and offers a comprehensive financial app. OneSpan’s solutions are designed to combat digital fraud and comply with regulatory requirements, bolstering its status as a leader in securing digital banking.
OneSpan Inc. (NASDAQ: OSPN) has released an investor presentation showcasing its transition from a hardware-centric to a software-based trusted identity solutions provider. The company has reported significant growth, achieving $104 million in Annual Recurring Revenue for 2020, a 29% increase from 2019. OneSpan's stock price has surged over 70% in the past three years as part of this transformation. The company is urging stockholders to vote for its director nominees using the BLUE proxy card amid a proxy contest with Legion Partners, which seeks to replace half of its independent directors.
Legion Partners Asset Management beneficially owns approximately 6.9% of OneSpan Inc. (OSPN) and has nominated four independent directors for election to the Board at the upcoming 2021 Annual Meeting. Their presentation highlights OneSpan's persistent underperformance, trading at a 70% discount to peers, with total shareholder returns lagging significantly. Legion criticizes the Board's lack of relevant skills and a credible plan to improve the company's valuation, asserting that leadership changes are essential to enhance corporate governance and strategy.
OneSpan (NASDAQ: OSPN) announced its participation in the 16th Annual Needham Virtual Technology & Media Conference from May 17-20, 2021. CEO Scott Clements and VP of Investor Relations Joe Maxa will present on May 19 at 1:30 p.m. ET. Investors can access the live webcast and archived replay on the company's investor relations website. OneSpan is a leader in securing remote banking transactions, offering solutions that reduce fraud and enhance compliance for major global banks and financial institutions.
OneSpan (NASDAQ: OSPN) announced that Generali Hellas implemented OneSpan Sign electronic signatures to enhance compliance and streamline underwriting for life insurance policies. Generali is the first insurance company in Greece to offer a fully digital account opening process, reducing the time from days to less than 24 hours. This initiative aligns with Generali's strategic priority for digital transformation, supported by positive customer feedback and significant business benefits. Digital transformation is critical in the insurance sector, especially post-pandemic, as noted by OneSpan's CEO.
OneSpan (NASDAQ: OSPN) addressed shareholders regarding its engagement with Legion Partners, outlining the execution of its strategic plan and company growth. Scheduled for June 9, 2021, the annual meeting will see a crucial vote on board members, as Legion aims to replace half the independent directors. Despite opposition, OneSpan highlighted recent changes including a refreshed board, enhanced transparency, and a significant shift towards a software-focused business model, resulting in 57% of Q1 2021 revenue being recurring.
OneSpan Inc. (NASDAQ: OSPN) reported Q1 2021 revenue of $50.8 million, down 10% from Q1 2020. Gross profit also declined to $35.5 million, with a gross margin of 70%. The company experienced a GAAP operating loss of $9.3 million, contrasting with a profit in the previous year. ARR grew by 29%, with subscription-based revenue increasing over 50%. OneSpan expects total revenue for 2021 to range from $215 million to $225 million, and ARR growth of 22% to 26%. Profitability is anticipated to improve in Q2 2021 due to higher recurring revenue.
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