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OneSpan Inc. reports developments tied to its cybersecurity and digital agreement businesses, including financial results, subscription revenue trends, product integrations and portfolio expansion. Its solutions cover high-assurance authentication, identity verification, fraud prevention, mobile app protection, secure e-signatures and smart digital forms for digital transactions and agreement workflows.
Company updates also include passwordless authentication capabilities such as FIDO2 security keys, passkeys, mobile biometrics and adaptive authentication, along with OneSpan Sign integrations and completed acquisitions such as Build38, which added mobile application protection and cloud-driven threat intelligence to the cybersecurity portfolio.
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.
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.