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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 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.
Legion Partners Asset Management, owning approximately 6.9% (2,790,121 shares) of OneSpan Inc. (Nasdaq: OSPN), issued an open letter to stockholders on May 3, 2021, responding to the Board’s April 26, 2021 letter. Legion Partners has nominated four independent directors for the Board's election at the 2021 annual meeting: Sarika Garg, Sagar Gupta, Michael J. McConnell, and Rinki Sethi. The letter critiques the Board's statements regarding the Company's stock performance, highlighting that OneSpan's stock has significantly underperformed compared to the NASDAQ index.
OneSpan Inc. (NASDAQ: OSPN) filed definitive proxy materials for its annual stockholder meeting, scheduled for June 9, 2021. Stockholders as of April 19, 2021, are eligible to vote. Key points in the proxy include OneSpan's transition to a cloud-based software provider, the evolution of its Board of Directors, consideration of divestitures, and a response to Legion’s campaign. Investors can access detailed proxy information at OneSpanValue.com. Forward-looking statements highlight potential risks, including market acceptance and operational uncertainties.
OneSpan (NASDAQ: OSPN) announced that Chief Financial Officer Mark Hoyt is leaving to join a private company, with his departure expected in early June. Hoyt has contributed significantly to OneSpan's transformation and revenue growth during his tenure. The company is now seeking a replacement with expertise in cloud-based software solutions to maintain momentum. CEO Scott Clements expressed gratitude for Hoyt's contributions and emphasized the importance of continuing the company's transition towards higher-margin revenue streams.
OneSpan (NASDAQ: OSPN) has launched the OneSpan Sign Virtual Room, enhancing remote agreement collaboration and e-signing capabilities for financial services. This platform enables secure, video-enabled interactions, allowing institutions and clients to jointly sign documents in real-time, thereby improving efficiency and customer engagement. The Virtual Room addresses changing consumer preferences for digital interactions, particularly in complex banking transactions. This development caters to increased demand for high-value agreements, aiding in customer retention and quick transaction processing.
Legion Partners Asset Management announced its nomination of four independent directors for OneSpan's Board to enhance value for shareholders. Beneficially owning approximately 6.9% of OneSpan's stock, Legion aims for significant Board refreshment, asserting the current directors lack relevant experience for the company’s cloud-first strategy. Key points include calls to monetize the Hardware business and a belief that effective changes could raise share valuations by 70%. Legion encourages stockholders to support its nominees to unlock stockholder value.
OneSpan™ Inc. (NASDAQ: OSPN) has appointed Garry Capers as an independent director, effective April 6, 2021. Mr. Capers brings extensive experience in SaaS solutions from his role at Deluxe Corporation and prior leadership roles at Automatic Data Processing and Equifax. His appointment is part of OneSpan's initiative to enhance board expertise in cloud-centric, recurring revenue models, aligning with the company’s strategic goals. This follows a trend of board refreshment, adding four independent directors since June 2019.
OneSpan Inc. (NASDAQ: OSPN) will release its first quarter 2021 financial results on May 4, 2021, after market close. A conference call to discuss these results will take place at 4:30 p.m. ET the same day. Investors can access a live webcast of the call on the OneSpan Investor Relations website. The company emphasizes its role in securing remote banking transactions and reducing digital fraud, serving over 10,000 customers including many top global banks.