OneSpan Inc. (NASDAQ: OSPN)

OneSpan Inc. (OSPN) operates in the digital transaction and agreement space, providing security, identity, electronic signature, and digital workflow solutions to various industries. These industries include banking, financial services, healthcare, and professional services. The company's solutions are designed to automate and secure customer-facing and revenue-generating business processes, ensuring the integrity of people and records associated with digital agreements, transactions, and interactions.

OneSpan generates revenue primarily through the sale of its products and services, including identity verification and authentication, electronic signature, and digital workflow solutions. The company's primary products and services include OneSpan Sign, OneSpan Notary, OneSpan Trust Vault, OneSpan Identity Verification, and Mobile Security Suite. These products are designed to meet the needs of customers across various industries and cater to the demands of a digital world.

The company operates through two reportable segments: Digital Agreements and Security Solutions. The Digital Agreements segment includes solutions that enable customers to secure and automate business processes associated with their digital agreement and customer transaction lifecycles. The Security Solutions segment includes a broad portfolio of software products, software development kits (SDKs), and Digipass authenticator devices that are used to build applications designed to defend against attacks on digital transactions across online environments, devices, and applications.

OneSpan's position within the industry is strong, with a reputation for providing high-assurance identity proofing, authentication, and secure electronic signature solutions. The company competes with the likes of Gemalto (a subsidiary of Thales Group), RSA Security, and Yubico in the identity verification and authentication markets, and with DocuSign and Adobe Systems in the electronic signature market.

OneSpan's customers include global blue-chip enterprises, including more than 60% of the world's largest 100 banks. The company's top 10 customers contributed 22%, 23%, and 22% of its total worldwide revenue in 2023, 2022, and 2021, respectively. This demonstrates the company's reliance on a small number of key customers, highlighting the importance of retaining and expanding relationships with these companies.

OneSpan's commitment to its employees is reflected in its People Promise, which aims to create an environment that attracts, retains, and develops talented people who are motivated to find opportunities and create new possibilities for its customers, for themselves, and for the company. This commitment to its workforce is a critical component of the company's success, as it seeks to compete in a rapidly evolving digital landscape.