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 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.
OneSpan Inc. (NASDAQ: OSPN) has appointed Matthew Moynahan, its President and CEO, to the Board of Directors effective after the annual meeting on June 8, 2022. This decision follows the retirement of Jean Holley from the Board. Al Nietzel, Chair of the Board, praised Moynahan's track record in growth strategies and operational transformation. He emphasized the company's commitment to a new vision and growth strategy under Moynahan's leadership, aiming to build long-term shareholder value.
OneSpan Inc. (NASDAQ: OSPN) has appointed Lara Mataac as General Counsel and Chief Compliance Officer. Mataac brings nearly two decades of experience in legal, compliance, and corporate governance within technology sectors. Previously, she served as General Counsel at Constant Contact and held pivotal roles in M&A and compliance at Endurance International Group. Her role is crucial as OneSpan embarks on a strategic transformation aimed at enhancing growth and profitability.
OneSpan Inc. (NASDAQ: OSPN) has appointed Michael Klieman as its new Chief Product Officer, focusing on product management, operations, and innovation to boost growth. Klieman, with over 30 years in technology and security, previously led product management at Sophos and MobileIron. His role is part of a broader executive team expansion aimed at enhancing OneSpan's cloud-based services for large enterprise customers globally. CEO Matthew Moynahan emphasized that Klieman's leadership is pivotal for advancing OneSpan's digital agreements strategy.