BOSTON - OneSpan Inc. (NASDAQ: NASDAQ:OSPN), known for its digital banking transaction and eSignature solutions, has announced the appointment of Ashish Jain as Chief Technology Officer (CTO). Jain, a recognized digital identity expert, will now lead OneSpan's global engineering team, setting and executing the company's innovation strategy, and overseeing product development. The appointment comes as OneSpan demonstrates strong market performance, with its stock up nearly 80% year-to-date and trading near its 52-week high of $19.58, according to InvestingPro data.
With over twenty years in the industry, Jain's previous role was Chief Product Officer at Arkose Labs, where he developed a bot mitigation platform to tackle consumer fraud and identity challenges for Fortune 1000 companies. His career also includes a tenure as Head of Identity at eBay (NASDAQ:EBAY), where he managed a global engineering team, and a Vice President role at VMware (NYSE:VMW), where he contributed to the development of Zero Trust Security solutions.
Victor Limongelli, CEO of OneSpan, expressed confidence in Jain's appointment, citing his expertise in security and identity challenges as invaluable to the company's innovation endeavors. Jain himself is enthusiastic about joining OneSpan, aiming to advance identity and security innovation.
OneSpan serves a significant portion of the world's largest banks and operates in over 100 countries, emphasizing the importance of secure digital transactions and agreements. The company's appointment of Jain signals a continued focus on advancing its security offerings to meet the evolving needs of the digital landscape.
The information for this article is based on a press release statement.
In other recent news, OneSpan Inc. has initiated a quarterly cash dividend program, marking its first-ever dividend program, and demonstrating its commitment to enhancing shareholder value. The company declared an initial quarterly cash dividend of $0.12 per share. This development comes as OneSpan continues to exhibit strong financial health, with more cash than debt on its balance sheet.
Additionally, Rosenblatt has maintained a Buy rating on OneSpan, raising its price target to $22.00 due to the company's strong execution and successful transition to a subscription-based model. The firm's revised fiscal year 2024 revenue prediction shows an increase of 2.5%, with subscription services expected to contribute 58% to the total revenue.
In its third quarter of 2024, OneSpan showed significant growth in its Annual Recurring Revenue (ARR) and subscription revenues, despite a decrease in total revenue primarily due to expected declines in hardware sales. The company's adjusted EBITDA reached $17 million, representing 30% of revenue, and a 9% increase in ARR to $164 million. OneSpan also reported a significant turnaround with a GAAP net income per share of $0.21, compared to a loss in the previous year.
These recent developments indicate OneSpan's successful transition to a subscription-based model and its robust financial performance. The company's focus on growing its partner ecosystem and the anticipated growth in security subscription revenue positions OneSpan for efficient and profitable revenue growth in the future.
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