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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 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 September 2021, this partnership supports over four million daily users, providing secure identity authentication and digital signing in Norway. With the upcoming e-ID regulations effective September 2023, the collaboration aims to facilitate cross-border transactions, ensuring high security in digital identity applications.
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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OneSpan Inc. (NASDAQ: OSPN) reported a 1% revenue increase to $52.8 million for Q2 2022, with subscription revenue up 26% at $19.8 million. The company achieved a 21% growth in Annual Recurring Revenue (ARR), reaching $134.3 million, with a dollar-based net expansion rate of 116%. Operating loss narrowed to $8.2 million from $8.9 million year-over-year. However, GAAP net loss increased to $9.4 million, or $0.23 per diluted share. For 2022, OneSpan anticipates revenue to meet or exceed 2021 levels and a 16% - 18% ARR growth.
OneSpan (NASDAQ: OSPN) has been recognized as a Representative Vendor in Gartner's Market Guide for Electronic Signature. This report highlights the growing importance of identity-related functions in e-signatures, emphasizing the need for strong user authentication and compliance in high-risk scenarios. OneSpan's OneSpan Sign offers a secure electronic signature solution leveraging over three decades of security expertise, enhancing customer experience with flexible workflows and enterprise-grade security.
OneSpan Inc. (NASDAQ: OSPN) will release its Q2 2022 financial results after market close on August 2, 2022. A conference call to discuss the results is scheduled for 4:30 p.m. ET on the same day, with a live webcast available on the OneSpan Investor Relations website. Investors can also access the conference via phone, with dial-in numbers provided for both US/Canada and international participants. OneSpan is committed to enhancing digital agreements security, servicing over 60% of the world's largest banks globally.
OneSpan Inc. (NASDAQ: OSPN) has appointed Michael Lillie as Chief Information Officer (CIO), under the leadership of Matthew Moynahan, President and CEO. Lillie brings nearly 30 years of IT and security experience, previously serving at Qlik and Endurance International Group. His expertise in driving enterprise and cloud transformations is expected to bolster OneSpan's infrastructure and security operations, particularly as hybrid work environments become prevalent. Moynahan expressed confidence in Lillie's ability to enhance the company's strategic direction.