Cybersecurity firm OneSpan explores sale -sources
02/03/2023 18:02
(Adds share reaction)
By Milana Vinn
NEW YORK, March 2 (Reuters) - OneSpan Inc OSPN.O , a U.S.
cybersecurity tools vendor that has become the target of
activist hedge funds such as Legion Partners Asset Management,
is exploring options that include a sale of the company, people
familiar with the matter said.
OneSpan is working with investment bank Evercore Inc EVR.N
on a sale process that could attract interest from other
companies and private equity firms, the sources said, requesting
anonymity because the discussions are confidential.
OneSpan shares rose over 11% on the news in afternoon trade
to $18.43 a share.
OneSpan, which has a market value of close to $700 million,
and Evercore declined to comment.
Based in Chicago, OneSpan develops identity management
software solutions that help secure electronic transactions. The
company's offerings include its e-signature signature product
OneSpan Sign, which competes with products offered by Adobe Inc
ADBE.O and DocuSign Inc DOCU.O .
In 2021, Legion, which has been a OneSpan shareholder since
2018, launched a board challenge to pressure the company to
implement operational changes and explore asset divestitures.
OneSpan then cut a deal with Legion that added two of the hedge
fund's director nominees to its board.
Other activist hedge funds including Ancora Advisors and
Altai Capital have also taken positions OneSpan's stock.
(Reporting by Milana Vinn in New York)
((milana.vinn@thomsonreuters.com))