Mission Statement, Vision, & Core Values (2024) of OneSpan Inc. (OSPN)

An Overview of OneSpan Inc. (OSPN)

General Summary of OneSpan Inc.

OneSpan Inc. (OSPN) has evolved significantly since its inception, focusing on providing secure transaction solutions. The company was established to address the growing demand for digital security, particularly in financial services. As of 2024, OneSpan offers a range of products and services, including electronic signature solutions, identity verification, and fraud prevention technologies. The company’s offerings are primarily categorized into two segments: Digital Agreements and Security Solutions.

As of 2024, OneSpan reported total sales of approximately $182 million for the nine months ended September 30, 2024, representing a 6% increase from $172 million in the same period of 2023. The Digital Agreements segment has seen substantial growth, with revenues increasing by 24% year-over-year, driven by higher cloud subscription revenues from existing customers and new client acquisitions.

Company's Financial Performance in the Latest Financial Reports

In the latest financial reports for the third quarter of 2024, OneSpan reported total revenue of $56.2 million, a decrease of 4% compared to $58.8 million in the third quarter of 2023. However, for the nine months ended September 30, 2024, revenue increased by $9.8 million, or 6%, compared to the same period in 2023. The key financial highlights include:

OneSpan's gross profit for the nine months ended September 30, 2024, totaled $129.3 million, reflecting a gross margin of 71%, compared to $114.2 million and a 66% gross margin in the same period of 2023. The increase in gross margin is attributed to a favorable revenue mix with more software-based sales compared to hardware sales.

Operating expenses decreased significantly, down by 33% year-over-year in Q3 2024, reflecting the company’s ongoing cost-reduction strategies. Operating income for the nine months ended September 30, 2024, was $33 million, compared to a loss of $30.7 million in the previous year.

Introduction to OneSpan as a Leader in the Industry

OneSpan Inc. has established itself as a leader in the digital security industry, particularly within the financial services sector. The company's commitment to innovation and security has positioned it favorably against competitors. With a diverse product portfolio that meets the evolving needs of its clients, OneSpan continues to expand its market presence globally.

As of 2024, OneSpan's focus on enhancing customer experiences through secure digital transactions has been a significant driver of its success. The company's growth trajectory, coupled with its strategic initiatives, underscores its role as a frontrunner in delivering trusted solutions for secure transactions. For further insights into OneSpan's strategic direction and operational excellence, readers are encouraged to explore more below.

Mission Statement of OneSpan Inc. (OSPN)

OneSpan Inc. (OSPN) Mission Statement

OneSpan Inc. is committed to delivering innovative digital identity and secure transaction solutions that enhance customer experiences and protect against fraud. The company's mission statement emphasizes its dedication to providing high-quality products and services that ensure secure digital interactions.

Core Components of OneSpan's Mission Statement

1. Innovation

OneSpan's focus on innovation is reflected in its continuous investment in research and development (R&D). For the nine months ended September 30, 2024, OneSpan allocated $24.1 million to R&D, showcasing a commitment to developing cutting-edge technology solutions. This investment is pivotal for maintaining a competitive edge in the digital security market.

2. Customer Experience

The company prioritizes customer experience by providing user-friendly solutions that simplify secure transactions. OneSpan's gross profit for the nine months ended September 30, 2024, reached $129.3 million, indicating its effectiveness in generating revenue through customer-centric solutions. The gross margin improved to 71%, up from 66% in the previous year, demonstrating enhanced operational efficiency and customer satisfaction.

3. Security

Security remains a cornerstone of OneSpan's mission. The company reported operating income of $66.8 million for its Security Solutions segment, reflecting a 68% increase year-over-year. This growth is attributed to the rising demand for secure digital transactions, underscoring OneSpan's role as a trusted provider in the industry.

These financial figures highlight OneSpan's ongoing commitment to innovation, enhancing customer experience, and ensuring robust security measures in its operations.

Vision Statement of OneSpan Inc. (OSPN)

Vision Statement of OneSpan Inc. (OSPN)

OneSpan Inc. envisions a future where digital transactions are secure, seamless, and accessible for all users globally. The company aims to lead the market in providing innovative security solutions that protect identities and transactions across various platforms.

OneSpan's vision focuses on enhancing digital security through advanced technologies. The company is committed to delivering solutions that not only meet current security challenges but also anticipate future threats. As of September 30, 2024, OneSpan reported a significant increase in its security solutions operating income, which reached $20.2 million, marking a year-over-year increase of 29% from the previous year.

OneSpan aims to integrate innovative technologies into its products and services, thereby ensuring that clients can operate securely and efficiently. The company's Digital Agreements segment saw a revenue increase of 18% for the three months ended September 30, 2024, amounting to $15.4 million. This reflects the company's dedication to enhancing customer experience through seamless digital transactions.

OneSpan's vision encompasses making its security solutions globally accessible. The company generated approximately 83% of its revenues outside the U.S. during the nine months ended September 30, 2024. This international focus underlines OneSpan's commitment to providing security solutions to a diverse clientele across various geographical regions.

At the core of OneSpan's vision is a commitment to customer success. The company aims to build long-term relationships with clients by providing ongoing support and innovative solutions tailored to their needs. For the nine months ended September 30, 2024, OneSpan reported a net income of $28.3 million, a stark improvement from a net loss of $30.2 million in the same period the previous year. This turnaround highlights OneSpan's effectiveness in meeting customer demands.

OneSpan's vision is not just about providing products; it is about creating a secure digital environment that fosters trust and confidence among users. This strategic focus on security, innovation, and customer success positions OneSpan as a leader in the digital security landscape as of 2024.

Core Values of OneSpan Inc. (OSPN)

Integrity

Integrity is a foundational value at OneSpan Inc. (OSPN), emphasizing ethical behavior and transparency in all business dealings. This value is critical for building trust with customers, partners, and employees.

OneSpan has demonstrated its commitment to integrity through various initiatives, including comprehensive compliance training programs for all employees and strict adherence to industry regulations. As of September 30, 2024, the company reported a net income of $8.3 million, reflecting its focus on sustainable and ethical growth.

Collaboration

Collaboration at OneSpan Inc. fosters teamwork across departments and with external partners to drive innovation and improve customer solutions. This core value is vital for enhancing operational efficiency and customer satisfaction.

The company has implemented several cross-functional teams to enhance product development and customer service. For instance, during the nine months ended September 30, 2024, OneSpan achieved a 9% increase in Annual Recurring Revenue (ARR), reaching $163.9 million, attributed to collaborative efforts in expanding subscription contracts.

Innovation

Innovation is a key driver of OneSpan's growth strategy, enabling the company to stay competitive in the rapidly evolving security solutions market. This value encourages the development of cutting-edge technologies and solutions.

In 2024, OneSpan invested significantly in research and development, with R&D expenses totaling $24.1 million for the nine months ended September 30, 2024. This investment reflects a commitment to enhancing product offerings and maintaining market leadership.

Customer Focus

Customer focus is paramount at OneSpan, ensuring that all products and services meet the evolving needs of clients. This value drives the company to prioritize customer feedback and satisfaction.

As evidence of its customer-centric approach, OneSpan reported a Net Retention Rate (NRR) of 106% as of September 30, 2024. This indicates a strong ability to retain and expand relationships with existing customers, showcasing the effectiveness of its customer engagement strategies.

Accountability

Accountability at OneSpan means taking responsibility for actions and outcomes, ensuring all employees are held to high standards of performance and ethical conduct. This value is crucial for maintaining operational excellence.

The company has established clear performance metrics and regularly reviews operational results. For the nine months ended September 30, 2024, OneSpan reported a significant increase in operating income, reaching $32.99 million, underscoring the company's commitment to accountability and performance improvement.

Article updated on 8 Nov 2024

Resources:

• OneSpan Inc. (OSPN) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of OneSpan Inc. (OSPN)' financial performance, including balance sheets, income statements, and cash flow statements.
• SEC Filings – View OneSpan Inc. (OSPN)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.