Exclusive: Cybersecurity firm OneSpan is looking into a sale, sources say

Milana Wynn

NEW YORK (Reuters) – OneSpan Inc, a US provider of cybersecurity tools targeted by activist hedge funds such as Legion Partners Asset Management, is exploring options that include selling the company, people familiar with the matter said.

OneSpan is working with investment bank Evercore Inc on a sale process that could attract interest from other companies and private equity firms, the sources, who asked not to be named because the discussions are confidential, said.

OneSpan, which has a market value of about $700 million, declined to comment. Evercore did not immediately respond to requests for comment.

Chicago-based OneSpan develops identity management software solutions that help secure electronic transactions. The company’s offerings include its OneSpan Sign electronic signature product, which competes with products offered by Adobe Inc and DocuSign Inc.

In 2021, Legion, which has been a shareholder in OneSpan since 2018, challenged the board of directors to pressure the company to implement operational changes and consider selling assets. OneSpan then struck a deal with Legion that resulted in the appointment of two director candidates to the hedge fund’s board of directors.

Other active hedge funds, including Ancora Advisors and Altai Capital, have also bought OneSpan shares.

(Reporting by Milana Wynn in New York)

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