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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.
| 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?
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.
- 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.