OneSpan Inc.
TypePublic company
Industry
Founded1984 (1984)
HeadquartersBoston, Massachusetts, U.S.
Key people
T. Kendall Hunt, Chairman, Founder
Matt Moynahan, CEO
Revenue$193.3 million (2017)
$6.2 million (2017)
$22.9 million (2017)
Total assets$337 million (2017)
Number of employees
613 (2016[1])
Websitewww.onespan.com

OneSpan (formerly Vasco Data Security International, Inc.) is a publicly traded cybersecurity technology company based in Boston, Massachusetts, with offices in Montreal, Brussels and Zurich. The company offers a cloud-based and open-architected anti-fraud platform and is historically known for its multi-factor authentication and electronic signature software.[2][3]

It was founded by T. Kendall Hunt in 1991 and held its initial public offering (IPO) in January 2000. OneSpan is a member of the FIDO Alliance Board.[4][5]

History

In 1984, T. Kendall Hunt founded Vasco as a consulting and software services company for corporate and governmental agencies. In 1991, the company acquired ThumbScan, which claimed to have the first fingerprint reader device for a computer.[6][7]

In 1993, the company was renamed Vasco Data Security International and expanded its offerings to include data security. Vasco was incorporated in 1997 and held its initial public offering in January 2000.[8]

Vasco Digipass 250, branded RaboDirect

Vasco started developing its Digipass technology in the early 2000s. The company marketed the technology internationally in Belgium. In 2009, Vasco announced that Digipass two-factor authentication was available in the App Store for iPhone and iPod Touch. Forbes recognized Vasco on its list of "America's Fastest-Growing Tech Companies" that year.[9][10][11]

In 2006, Vasco acquired LOGiCO Smart Card Solutions, a privately-owned company located in Austria offering smart card–based authentication and PKI solutions.[12]

In January 2011, Vasco acquired DigiNotar, a Dutch certificate authority.[13] In June 2011, DigiNotar was hacked and started issuing false security certificates. When the news broke, all issued certificates were cancelled and the company went bankrupt.[14]

In 2013, Vasco announced its acquisition of the Cambridge-based technology company Cronto.[15] The patented CrontoSign solution uses specialized color bar codes, so-called Cronto Visual Cryptograms (or photoTAN), to mitigate MITB Trojan malware.[16]

The company established its international headquarters at Dubai Silicon Oasis in 2012. Vasco announced that it would lower EMEA channel entry for VARs at that time. It became a member of the Fast IDentity Online (FIDO) Alliance in June 2014 and was later recognized by Gartner's Magic Quadrant for User Authentication.[17][18][19][20]

In October 2015, Vasco acquired Silanis Technology, a Canadian document e-signature company, for US$113 million. By early 2016, the company's cloud electronic signature software, eSignLive, was updated to include integration with Salesforce. Vasco announced a face recognition authentication feature for Digipass in May 2016. The company has partnerships with financial institutions including HSBC Bank USA, Fedict, Rabobank, Arab Bank and Riyadh Bank.[21][22][23][24][25]

OneSpan

On May 30, 2018, Vasco changed its name to OneSpan.[26] It now trades under the ticker symbol OSPN.

In May 2018, the company acquired Dealflo, a UK and Canada-based financial agreement automation software company, for GB£41 million.[27]

Technology

  • Identity Verification: validate ID documents and consumer identities via third-party identity and verification services through a single API integration[28]
  • Authentication: authenticate users and transactions using a range of multi-factor authentication services, including hardware & software tokens and biometric capabilities[29]
  • Risk Analytics: analyze mobile, app and transaction data, in real-time, to detect fraud[30]
  • Mobile App Security: detect and mitigate malicious mobile app attacks before they can do damage[31]
  • E-Signature: enable customers to e-sign on any device, while strengthening compliance[32]

Services are delivered through OneSpan's open, cloud-based Trusted Identity (TID) platform[28]

References

  1. ↑ "VASCO Data Security International, Inc. Form 10-K". VASCO Data Security International. December 31, 2016. Retrieved September 14, 2017.
  2. ↑ "VASCO Transforms Business Enablement with Launch of New Anti-Fraud Platform, Renames Company OneSpan". GlobalNewsWire. Retrieved October 18, 2018.
  3. ↑ "Spotlight OneSpan: Cybersecurity in its DNA". 2022-07-28.
  4. ↑ Fraser, Chad (December 24, 2014). "What 2015 Holds for Cybersecurity Stocks". Investing Daily.
  5. ↑ Strom, David. "Comparing the Top Multifactor Authentication Vendors". TechTarget.
  6. ↑ "Peripherals fill larger product vacuum at NCC". Computer World. June 22, 1987.
  7. ↑ "Spotlight OneSpan: Cybersecurity in its DNA". Advisor Perspectives. 2022-07-28. Retrieved 2022-10-16.
  8. ↑ Park, Vivian (October 28, 2016). "Stock Worth Mentioning: Vasco Data Security International Inc". Kentucky Post News. Archived from the original on November 19, 2016. Retrieved November 18, 2016.
  9. ↑ Jenny, Stadigs (May 2015). "Belgium gets the market to solve authentication for free". Computer Weekly.
  10. ↑ Ricknäs, Mikael (November 5, 2009). "Vasco Uses IPhone, IPod Touch for Authenticating Users". PC World.
  11. ↑ Paul M. Murdock; John J. Ray (January 29, 2009). "Turbo Techs: 25 Hottest Tech Stocks". Forbes.
  12. ↑ "VASCO Announces Acquisition of Authentication Storage Specialist Logico".
  13. ↑ "VASCO Data Security International, Inc. Announces the Acquisition of DigiNotar B.V., a Market Leader in Internet Trust Services in The Netherlands". Archived from the original on 2011-09-17.
  14. ↑ Wolff, Josephine (21 December 2016). "How a 2011 Hack You've Never Heard of Changed the Internet's Infrastructure". Slate. Retrieved October 18, 2018.
  15. ↑ "VASCO Announces Acquisition of Cronto (United Kingdom)".
  16. ↑ "New system to combat online banking fraud".
  17. ↑ "Gartner Recognizes VASCO Data Security in Leaders Quadrant in Magic Quadrant for User Authentication". PR Newswire. January 28, 2014.
  18. ↑ Enzer, Georgina (February 12, 2012). "Vasco sets up new offices in Silicon Oasis". ITP.net.
  19. ↑ Trendall, Sam (March 28, 2011). "Vasco seeks to bring clarity to EMEA channel scheme". CRN.
  20. ↑ "VASCO Joins FIDO Alliance Board of Directors". PR Newswire. October 14, 2015.
  21. ↑ Van Der Linde, Damon (November 26, 2015). "Montreal E-Signature Company Silanis Bought By Security Firm Vasco For $113 Million". Financial Post.
  22. ↑ Martin, Zach (May 26, 2016). "VASCO updates e-sig software, IoT conference". SecureID News.
  23. ↑ Perala, Alex (May 5, 2016). "VASCO Announces DIGIPASS Selfie Authentication System". Mobile ID World.
  24. ↑ Messmer, Ellen (February 13, 2014). "Banks turn to smartphone tech to fight online fraud". Network World.
  25. ↑ "Rabobank introduces QR code-based online banking authentication". FINextra. September 19, 2014.
  26. ↑ Penny Crosman. "Vasco buys digital ID company, changes name to OneSpan". American Banker. Archived from the original on October 19, 2018. Retrieved October 18, 2018.
  27. ↑ "VASCO Rebrands as OneSpan, and Grows with Dealflo Acquisition". FindBiometrics. Retrieved October 18, 2018.
  28. 1 2 Vasco Data Security Changes Name To OneSpan, Pays $55M For Identity Verification Vendor
  29. ↑ Javelin Strategy & Research honors Daon and OneSpan with Mobile Biometrics Platform awards
  30. ↑ "VASCO Announces IDENTIKEY Risk Manager with Powerful New Tools to Fight Banking Fraud". PRNewsWire. Retrieved October 18, 2018.
  31. ↑ "Vasco offers two-factor authentication via mobile phone". IT News. Retrieved October 18, 2018.
  32. ↑ OneSpan to Demonstrate Innovations in Cloud-Based Risk Analytics, Blockchain and Digital Account Opening at Money 20/20 USA 2018
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