OneSpan Inc. (OSPN) is a SaaS solution provider specializing in secure digital transaction processing and data handling. The company offers products and services that include hardware, software licenses, subscription services, and professional support, catering to global banks and enterprises. Its operations focus on ensuring compliance with privacy and data protection regulations while delivering innovative solutions for digital agreements and security.
- Security Solutions - Provides trusted solutions for securing high-value digital transactions, workforce authentication, and subscription-based services with a focus on operational efficiency and reliability.
- Digital Agreements - Offers subscription-based services, maintenance, and professional support for digital agreements, emphasizing SaaS-based delivery and profitability.
You might also like
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Jorge Martell Executive | Chief Financial Officer (CFO) | Jorge Martell is the Chief Financial Officer (CFO) at OneSpan Inc. since September 6, 2022, and also serves as Treasurer while acting as the principal accounting officer since December 1, 2023. | ||
Lara Mataac Executive | General Counsel, Chief Compliance Officer, and Corporate Secretary | Lara Mataac has served as the General Counsel, Chief Compliance Officer, and Corporate Secretary at OneSpan Inc. since June 2022, overseeing the company’s legal, compliance, and corporate governance functions. Previously, she held senior legal roles at Constant Contact, Inc. and Endurance International Group. | ||
Victor Limongelli Executive | President and Chief Executive Officer | Victor Limongelli became the CEO of OneSpan Inc. on July 31, 2024 after serving as Interim CEO starting January 4, 2024. | View Report → | |
Alfred Nietzel Board | Chair of the Board | Board Member at Cerence Inc.; Director at Baxter Credit Union | Alfred Nietzel has served as Chair of the Board at OneSpan Inc. since July 2021 and as a director since November 2020. He has an extensive finance and executive background with previous roles at Procter & Gamble, ADP, CDK Global, and currently serves on boards at Cerence Inc. and Baxter Credit Union. | |
Garry Capers Board | Director | Chief Operating Officer at Deluxe Corporation; Director at The National Center for Civil and Human Rights | Garry Capers has served as a Director at OneSpan Inc. since April 2021. He also holds executive roles as the Chief Operating Officer at Deluxe Corporation and Director at The National Center for Civil and Human Rights, bringing extensive experience in operations and corporate governance. | |
Marc Boroditsky Board | Director | Marc Boroditsky has served as a Director at OneSpan Inc. since June 2019 and is a member of the Management Development and Compensation Committee. He has previously held executive roles at Cloudflare and Twilio. | ||
Marc Zenner Board | Director and Chair of the Audit Committee | Executive in Residence at the University of Miami Herbert Business School | Marc Zenner has served as a director and Chair of the Audit Committee at OneSpan Inc. since June 2019. He has an extensive background in finance, investment banking, and academia, having held senior roles at Citigroup, J.P. Morgan & Co., and served as CFO of Persefoni. | |
Marianne Johnson Board | Director | Executive Vice President and Chief Product Officer at Cox Automotive, Inc. | Marianne Johnson has been a Director at OneSpan Inc. since March 2020 , and she brings extensive experience from her ongoing role as Executive Vice President and Chief Product Officer at Cox Automotive since June 2018. | |
Michael McConnell Board | Director | Chairman at Adacel Technologies Limited; Non-Executive Director at QuickFee; Managing Director at Shamrock Capital Advisors | Michael McConnell has served as Director at OneSpan Inc. since June 2021, and currently chairs the Management Development and Compensation Committee while also serving on the Audit Committee. | |
Sarika Garg Board | Director | CEO of Cacheflow Inc. | Sarika Garg has served as a Director at OneSpan Inc. since June 2021 and is a member of the Audit Committee and Corporate Governance and Nominating Committee. Outside of OneSpan Inc., she is the Co-founder and Chief Executive Officer of Cacheflow Inc.. |
- Based on your discussion about expanding the ecosystem through channel partners and the FIDO2 token applications, what are the biggest challenges you expect in scaling these partnerships while maintaining strong operational execution?
- Given the dramatic improvement in cash flow from 2023 to 2024 and your plans for modest increases in 2025, what potential risks do you see that could prevent continuing this momentum, especially as you increase investments in the Security software business?
- With your strategy focusing on targeted M&A to acquire valuable technology for your large customer base, can you specify which technology areas are most attractive and how these acquisitions will help you transition revenue from hardware to higher-margin software products?
- Your guidance shows ARR growth outpacing total revenue growth, partly due to end-of-life transitions and multiyear term licenses; how do you plan to balance these factors to ensure consistent revenue performance throughout 2025?
- Considering the historical decline of hardware revenue at around 8% YoY and your anticipated further decline in traditional hardware authentication revenue, what actionable steps are you taking to mitigate potential revenue shortfalls from this segment?
Research analysts who have asked questions during OneSpan earnings calls.
Anja Soderstrom
Sidoti & Company, LLC
7 questions for OSPN
Catharine Trebnick
Rosenblatt Securities
6 questions for OSPN
Rudy Kessinger
D.A. Davidson & Co.
6 questions for OSPN
Trevor Rambo
BTIG
6 questions for OSPN
Gray Powell
BTIG
1 question for OSPN
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Gemalto | A subsidiary of Thales Group, it is identified as a main competitor in the identity verification and authentication markets. The company offers competing services in adjacent areas such as mobile device management, threat protection, and identity and access management. |
RSA Security | Listed as a primary competitor in the identity verification and authentication markets, it provides solutions that compete with the company's offerings. |
Yubico | Recognized as a main competitor in the identity verification and authentication markets, offering solutions that rival the company's products. |
Identified as a primary competitor for electronic signature solutions, it is significantly larger than the company and competes in the same market. | |
A major competitor in the electronic signature solutions market, it is noted for being significantly larger than the company. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
ProvenDB | 2023 | The acquisition, completed on February 22, 2023, involved purchasing the blockchain-based secure storage technology from Southbank Software Pty Ltd for $2.0 million (with $1.8 million paid in cash and $0.2 million held back for indemnity claims), with the purchase price allocated to technology, goodwill, and accrued wages, and is fully assigned to the Digital Agreements segment. |
Dealflo Limited | 2018 | Acquired on May 30, 2018, through an all-cash stock purchase agreement by OneSpan’s subsidiary for an aggregate price of GBP 41 million (USD $53.9 million), the deal included detailed allocations for tangible and intangible assets plus considerable goodwill of $39.917 million; it was strategically aimed at bolstering identity verification and e-signature capabilities, with legal terms such as a locked box completion mechanism under English law. |
Recent press releases and 8-K filings for OSPN.
- OneSpan reported Q3 2025 revenue of $57 million, a 1% year-over-year increase, with subscription revenue growing 12%. Adjusted EBITDA for the quarter was $17.5 million, representing 30.7% of revenue, and cash from operations was $11 million.
- The company updated its full-year 2025 revenue guidance to a range of $239 million to $241 million and its ARR guidance to $183 million to $187 million, attributing the changes to higher headwinds in the hardware business and lower activity in security net expansions.
- OneSpan continued its strategic transformation with the acquisition of Knock Knock Labs in June 2025 and a strategic investment in ThreatFabric in October 2025, both aimed at enhancing its software product portfolio and driving future growth, particularly in 2026.
- The software business now accounts for over 80% of the overall business, with Annual Recurring Revenue (ARR) growing 10% year-over-year to $180 million. The company also returned $6 million to shareholders through share repurchases in Q3 and approved a $0.12 per share dividend.
- OneSpan reported Q3 2025 revenue of $57 million, a 1% increase, with subscription revenue growing 12% to $38 million and Non-GAAP EPS at $0.33.
- Annual Recurring Revenue (ARR) reached $180 million, up 10%, and Net Recurring Revenue (NRR) was 103% as of September 30, 2025.
- The company updated its FY 2025 revenue guidance to $239 million - $241 million (previously $245 million - $251 million) and ARR guidance to $183 million - $187 million (previously $186 million - $192 million), while maintaining Adjusted EBITDA guidance at $72 million - $76 million.
- OneSpan paid a quarterly cash dividend of $0.12 per share in Q3 2025 and approved an additional $0.12 per share dividend payable in December 2025.
- Financial contributions from the acquisition of Nok Nok Labs, which closed in Q2 2025, are included in the reported results and guidance.
- OneSpan reported Q3 2025 revenue of $57.1 million, a 1% increase year-over-year, with subscription revenue growing 12% to $37.8 million.
- Net income for Q3 2025 was $6.5 million ($0.17 per diluted share), while Adjusted EBITDA increased 3% year-over-year to $17.5 million.
- Annual Recurring Revenue (ARR) increased 10% year-over-year to $180.2 million, and the Net Retention Rate (NRR) was 103%.
- The company updated its Full Year 2025 financial guidance, now expecting revenue in the range of $239 million to $241 million and ARR in the range of $183 million to $187 million, both lower than previous guidance.
- OneSpan declared a quarterly cash dividend of $0.12 per share and repurchased approximately 450,000 shares for $6.3 million in Q3 2025.
- OneSpan Inc. reported Q3 2025 revenue of $57.1 million, a 1% year-over-year increase, driven by a 12% rise in subscription revenue to $37.8 million.
- Operating income for the quarter decreased 27% year-over-year to $8.2 million, while Adjusted EBITDA increased 3% to $17.5 million.
- The company's Annual Recurring Revenue (ARR) grew 10% year-over-year to $180.2 million, and its Net Retention Rate (NRR) was 103%.
- Net income was $6.5 million, or $0.17 per diluted share, with non-GAAP net income at $12.9 million, or $0.33 per diluted share.
- OneSpan repurchased approximately 450,000 shares for $6.3 million and declared a quarterly cash dividend of $0.12 per share.
- OneSpan Inc. entered into a $100,000,000 Credit Agreement on June 23, 2025, with MUFG Bank, Ltd..
- This agreement establishes a revolving credit facility with a $10,000,000 letter of credit sublimit, maturing on June 23, 2030.
- The proceeds are designated for general corporate purposes, and as of June 23, 2025, there were no outstanding borrowings under the facility.
- Borrowings will bear interest at rates varying from 1.00% to 1.50% for base rate loans and 2.00% to 2.50% for term SOFR and alternative currency loans, depending on the company's consolidated net leverage ratio.
- The facility is secured by a first-priority lien on substantially all of OneSpan's and certain subsidiaries' tangible and intangible assets.
- Adjusted EBITDA reached a record $23 million (up nearly 15% YoY)
- Operating income increased by 22% to $17.2M, demonstrating improved cost management
- Total revenue was $63.4M (down 2% YoY) with subscription revenue up by 9%
- Annual recurring revenue (ARR) grew 9% to $168.4M
- Generated $29M in cash from operations and ended the quarter with $105M in cash, supporting a balanced capital allocation strategy including dividends and potential buybacks
- Full-year guidance: revenue $245–251M, ARR $180–186M, and adjusted EBITDA $72–76M, with management monitoring tariffs and FX fluctuations
- FY 2025 Guidance: Projects revenue between $245M - $251M, adjusted EBITDA of $72M - $76M, and ARR of $180M - $186M.
- Record adjusted EBITDA: Q4 reached $20M (32% of revenue) and full-year hit $73M (30% of revenue), marking record high profitability.
- Operating Income Turnaround: Q4 operating income surged to $11.8M (from $1.8M in Q4 2023) while full-year profit reversed from a loss of $28.9M in 2023 to $44.8M.
- Dividend Milestone: Initiated its first quarterly cash dividend with plans for another in Q2 2025.
- Growing ARR & Subscription Revenue: Annual Recurring Revenue increased by approximately 8% to ~$168M, boosted by strong subscription growth (Q4 up 32%).
- Revenue Performance: Q4 revenue declined by 3% to $61.2M while FY 2024 revenue grew 3% to $243M, driven by key segments.
- Enhanced Cash Generation: Delivered $12M in Q4 cash from operations and $56M for the full year, reflecting effective cost-saving initiatives.