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Here are 1-2 brief analogies to describe OneSpan (OSPN):

• Like **DocuSign** for financial institutions, but with integrated digital identity verification and robust fraud prevention.
• Imagine a blend of **Okta** (for identity management) and **DocuSign** (for e-signatures), specifically designed to secure digital transactions and identities in financial services.

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• OneSpan Identity Verification: Provides solutions for securely verifying customer identities during online onboarding and transactions using document verification and biometric matching.
• OneSpan Authentication: Offers a suite of multi-factor authentication (MFA) solutions, including biometrics, mobile authenticators, and hardware tokens, to secure user access and transactions.
• OneSpan eSign: Delivers a platform for creating, sending, signing, and managing legally binding electronic documents and agreements securely.
• OneSpan Fraud Analytics: Offers real-time fraud detection and prevention solutions powered by AI and behavioral analytics to protect against various types of financial fraud.

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OneSpan (OSPN) primarily sells its digital identity, security, and digital agreement solutions to other companies (B2B).

While OneSpan's SEC filings indicate that no single customer accounts for 10% or more of its total revenue, its major customers are typically large enterprises within specific industries. The company's core customer base consists predominantly of:

• Financial Institutions: This is OneSpan's largest and most significant customer segment. It includes a wide range of organizations such as commercial banks, retail banks, credit unions, wealth management firms, and insurance companies. These institutions leverage OneSpan's solutions for multi-factor authentication, fraud detection, electronic signatures, and digital onboarding to secure customer interactions and comply with regulations.

  Examples of public financial institutions that OneSpan serves (based on company disclosures and public information) include:

  • Fifth Third Bancorp (NASDAQ: FITB)
  • TD Bank Group (NYSE: TD)
  • U.S. Bancorp (NYSE: USB)
  • KeyCorp (NYSE: KEY)
  • HSBC Holdings plc (NYSE: HSBC)
  • Deutsche Bank AG (NYSE: DB)

• Government and Public Sector Agencies: Various government entities and public sector organizations utilize OneSpan's security and identity verification solutions for their operations.

• Other Large Enterprises: Companies across diverse sectors such as healthcare, retail, and technology also implement OneSpan's solutions to secure digital transactions and manage user identities.

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• Amazon.com, Inc. (AMZN)

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Victor Limongelli, President and Chief Executive Officer

Victor Limongelli was appointed President and Chief Executive Officer of OneSpan on July 31, 2024, after serving as Interim CEO since January 4, 2024. He has a strong track record as CEO of four software companies prior to OneSpan, including Guidance Software, Inc., a publicly traded security software company he helped take public and grow from $9 million to $130 million in revenue. He also led AccessData Group, a private security software company, and two private SaaS companies, MobileCause, Inc. and BQE Software, Inc. Notably, at MobileCause, Inc., a private equity-backed SaaS company, he achieved an over 60-point increase in "Rule of 40" metrics within three years. Before his CEO roles, he held various operational positions at Guidance Software, including President, Vice President of Professional Services, and General Counsel, and was General Counsel for a venture-backed technology company. Limongelli also practiced law for five years, specializing in mergers and acquisitions and intellectual property licensing at Morgan Lewis.

Jorge Martell, Chief Financial Officer

Jorge Martell became OneSpan's Chief Financial Officer in September 2022. He brings over two decades of financial, strategic, and operational leadership experience, including expertise in M&A strategy and execution, for both rapidly growing global private and public companies. Most recently, he served as CFO and Treasurer at Extreme Reach, Inc., where he was instrumental in optimizing the company's balance sheet and driving its global growth strategy through M&A. Before Extreme Reach, Martell held roles as Assistant Corporate Controller, Director of Finance, and Treasurer at Sapient Corporation, a publicly-listed company prior to its acquisition by Publicis Groupe, where he managed global revenue operations, treasury, and M&A financial matters. His career also includes leadership positions at ABM Industries, Inc. and KPMG LLP, where he supervised audits of Fortune Global 500 SEC registrants.

Ashish Jain, Chief Technology Officer

Ashish Jain serves as OneSpan's Chief Technology Officer, bringing over two decades of experience leading product management, engineering, and operations teams in global organizations. He previously held the position of Chief Product Officer at Arkose Labs, an enterprise fraud management and account security company. Prior to that, he was Head of Identity at eBay, leading the global engineering team for their identity, risk, and trust platform, and Vice President of Workspace ONE at VMware, where he spearheaded and patented a solution integrating identity and mobile device management.

Lara Mataac, General Counsel and Chief Compliance Officer

Lara Mataac is OneSpan's General Counsel and Chief Compliance Officer, with nearly two decades of experience in legal and compliance matters. Her expertise spans corporate governance, regulatory compliance, and mergers and acquisitions for public and private cloud-based technology companies. Before joining OneSpan, Mataac served as General Counsel at Constant Contact, Inc., where she oversaw the legal and compliance team during the company's transformation following its spinout from Endurance International Group (EIG). She also spent eight years at EIG, ultimately as Deputy General Counsel.

Giovanni Verhaeghe, Chief Strategy Officer

Giovanni Verhaeghe is the Chief Strategy Officer at OneSpan. He has been instrumental in driving the company's growth and business transformation through technology innovation and strategic acquisitions. Verhaeghe has developed numerous hardware and software solutions to support OneSpan's platform strategy, balancing both in-house and acquired technology initiatives. He previously served as OneSpan's Director of Corporate Strategy and Intellectual Property Rights.

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The key risks to OneSpan's business include:

1. Cybersecurity Attacks and Data Breaches: As a cybersecurity company, OneSpan faces an inherent and significant risk from the increasing frequency and sophistication of cybersecurity attacks and potential data breaches. Such incidents could severely damage the company's reputation, erode customer trust, and lead to financial penalties, directly impacting its core business and the market acceptance of its security solutions. The company's strategic investment in and partnership with ThreatFabric to enhance fraud prevention capabilities underscores the ongoing nature and importance of mitigating these evolving digital threats.
2. Competition and Rapid Technological Change: OneSpan operates in a highly dynamic market characterized by rapid technological advancements and intense competition. The company faces risks related to the market acceptance of its products and solutions versus competitors' offerings, as well as the potential effects of technological changes. This includes challenges like clients transitioning from hardware-based authentication solutions, such as Digipass keys, to mobile-based authentication methods, which can impact hardware sales and require OneSpan to continually adapt its offerings to maintain relevance and drive subscription and software revenue.
3. Reliance on Critical Accounting Policies and Accurate Financial Reporting: OneSpan has disclosed potential business risks related to its critical accounting policies, as detailed in its financial statements. The company's reliance on these policies highlights the critical importance of accurate financial reporting. Any misinterpretation or misapplication of these accounting standards could lead to financial discrepancies, which would likely affect investor confidence and market stability.

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• Commoditization of digital identity and authentication solutions by large platform providers. Major technology companies like Apple, Microsoft, and Google are increasingly integrating robust authentication (e.g., Apple Passkeys, Microsoft Entra ID), electronic signature, and identity verification capabilities directly into their operating systems and enterprise platforms. This trend can commoditize core aspects of OneSpan's offerings, potentially reducing the need for specialized third-party solutions for a segment of the market or increasing pricing pressure.
• The escalating sophistication of AI-driven fraud. The rapid advancements in generative artificial intelligence (AI) are empowering fraudsters to create highly sophisticated and difficult-to-detect attacks, such as deepfake identity fraud, advanced phishing, and synthetic identity generation. This creates an urgent and continuous need for equally advanced AI/machine learning capabilities in fraud detection. If OneSpan's innovation in AI-driven fraud prevention cannot keep pace with the rapidly evolving threat landscape and competitors, its core fraud prevention solutions could become less effective or less competitive.

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OneSpan (OSPN) offers a range of digital security solutions, including e-signature, multi-factor authentication, fraud prevention, and identity verification. The addressable markets for these main product categories are substantial and are projected to grow significantly in the coming years.

E-Signature Solutions

• The global e-signing market was estimated at USD 9.9 billion in 2024 and is projected to reach USD 70.2 billion by 2030, with a compound annual growth rate (CAGR) of 38.5%.
• Another estimate for the global digital signature market valued it at USD 7.13 billion in 2024, with a projection to reach USD 104.49 billion by 2032, exhibiting a CAGR of 40.1%.
• A further report indicates the global digital signature market size was USD 8.65 billion in 2024 and is anticipated to reach approximately USD 238.42 billion by 2034, growing at a CAGR of 39.3% from 2025 to 2034.
• North America is a significant region within this market, with its digital signature market size reaching USD 3.98 billion in 2024.

Authentication Solutions (including Multi-Factor and Advanced Authentication)

• The global authentication services market was USD 2.10 billion in 2024 and is projected to grow to USD 6.63 billion by 2032, with a CAGR of 15.41%.
• Another source reported the global authentication solution market size as USD 20.6 billion in 2024, expected to reach USD 68.7 billion by 2032, with a CAGR of 16.24%.
• The global advanced authentication market reached USD 18.3 billion in 2024 and is expected to reach USD 48.2 billion by 2033, exhibiting a CAGR of 11.33%.
• North America is the largest market for authentication services, holding approximately 45% of the global share. It also dominated the global authentication solution market in 2024, accounting for 38% of the revenue share.
• The global passwordless authentication solutions market was valued at USD 16.2 billion in 2023 and is anticipated to grow at a CAGR of over 10% between 2024 and 2032. North America dominated this market in 2023, accounting for over 30% of the share.

Fraud Prevention / Fraud Detection and Prevention (FDP) Solutions

• The global fraud detection and prevention market size was valued at USD 52.82 billion in 2024 and is projected to grow to USD 246.16 billion by 2032, at a CAGR of 21.2%.
• Other estimates place the global fraud detection and prevention market at USD 33.13 billion in 2024, projected to reach USD 90.07 billion by 2030 (CAGR of 18.7%). A separate report indicates a market size of USD 42.8 billion in 2024, expected to reach USD 260.1 billion by 2033 (CAGR of 20.42%).
• North America dominated the global market with a share of 41.56% in 2024. The U.S. fraud detection and prevention market is predicted to reach an estimated value of USD 53.359.7 million by 2032.
• The financial fraud detection software market was USD 17.18 billion in 2024 and is expected to grow to USD 32.53 billion in 2029, with North America being the largest region in 2024.

Identity Verification / Digital Identity Solutions

• The global identity verification market size was estimated at USD 9.87 billion in 2022 and is anticipated to reach USD 33.93 billion by 2030, growing at a CAGR of 16.7%.
• More recent data shows the global identity verification market size was valued at USD 11.97 billion in 2024 and is projected to grow to USD 39.82 billion by 2032, exhibiting a CAGR of 16.4%. Another report sets the market size at USD 13.8 billion in 2024, expecting it to reach USD 46.4 billion by 2033, with a CAGR of 14.4%.
• The global digital identity solutions market size is calculated at USD 47.36 billion in 2025 and is forecasted to reach around USD 203.58 billion by 2034, accelerating at a CAGR of 17.59%.
• North America is a leading region for identity verification, accounting for the largest market share in 2024. The North America digital identity solutions market surpassed USD 15.71 billion in 2024. The U.S. digital identity solutions market size was USD 10.99 billion in 2024 and is expected to be worth around USD 56.69 billion by 2034.

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OneSpan (OSPN) is anticipated to drive future revenue growth over the next 2-3 years through several strategic initiatives and market trends:

1. Accelerated Transition to and Growth of Subscription-Based Software Revenue: OneSpan is strategically shifting away from its legacy hardware business towards higher-margin software and subscription-based solutions. This transition is a core driver, with subscription revenue demonstrating significant growth, such as a 34% year-over-year increase in Q1 2024 and 31% for the full year 2024. The software business now accounts for over 80% of the company's total revenue, positioning it for continued growth as this shift progresses.
2. Expansion and Innovation within the Digital Agreements Segment: The Digital Agreements segment, which includes e-signature and digital workflow solutions, is a consistent area of growth for OneSpan. This segment saw a 25% year-over-year revenue increase in Q1 2024 and 9% in Q3 2025. The global e-signature market is projected for substantial growth, indicating a strong macro tailwind for this segment.
3. Strategic Acquisitions and Enhanced Product Portfolio: OneSpan is bolstering its product offerings through strategic acquisitions and investments. Notably, the acquisition of Nok Nok Labs introduced the S3 FIDO2 passwordless authentication software to OneSpan's portfolio, and an investment in ThreatFabric aims to enhance cyber fraud prevention capabilities. These strategic moves are expected to diversify and strengthen its solutions, thereby contributing to future revenue growth.
4. Software-Driven Growth in Security Solutions: While the security hardware revenue faces an anticipated decline, OneSpan is focusing on the growth of its software-based security solutions. This includes cloud and on-premise authentication software and mobile application shielding. The subscription revenue within the security segment grew by 13% in Q3 2025, highlighting the company's ability to drive higher-margin software revenues in this critical area.

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Share Repurchases

• OneSpan's Board of Directors adopted a new stock repurchase program on May 12, 2022, authorizing the repurchase of up to $50 million of common stock, which was set to expire by May 11, 2024.
• In the third quarter of 2025, OneSpan repurchased approximately 450,000 shares of its common stock for $6.3 million. This was part of a buyback plan announced on May 14, 2024, under which the company repurchased 447,743 shares for $6.3 million from July 1, 2025, to September 30, 2025.
• The company returned over $20 million to shareholders through buybacks and dividends in the first nine months of 2025.

Outbound Investments

• In the second quarter of 2025, OneSpan acquired Nok Nok Labs, a move aimed at broadening its authentication reach with FIDO2 passwordless authentication software. The company used $1.9 million for deferred consideration payment related to this acquisition in the third quarter of 2025.
• In October 2025, OneSpan made a strategic investment in and partnered with ThreatFabric, a provider of fraud detection and mobile threat intelligence solutions, acquiring a 15% equity stake. This investment is intended to enhance OneSpan's product portfolio and expand its cyber fraud prevention capabilities.

Capital Expenditures

• In 2024, OneSpan reported capital expenditures of $9 million, primarily focused on capitalized software costs.
• For the trailing twelve months ended Q3 2023, capital expenditures amounted to $10.4 million.
• OneSpan continues to invest in internal research and development and pursue targeted technology-driven investments to enhance its product portfolio.