OneSpan has issued its results for the fourth quarter and 2018 fiscal year, showing strong results that exceeded the upper end of its revenue guidance for the year.
The Chicago-based authentication specialist saw revenues of revenues of $64.8 million in Q4, up 19 percent year-over-year. For the full 2018 fiscal year, OneSpan reports revenues of $212.3 million, up 10 percent compared to 2017.
In terms of its net results, OneSpan reports a GAAP net income of $4 million in Q4, and of $3.8 million for the full year.
Commenting on the results in a statement, OneSpan CEO Scott Clements emphasized a particularly strong fourth quarter and suggested that the positive trends would continue into the new fiscal year. “We booked initial orders for Intelligent Adaptive Authentication in 2018, and we expect this and other new Trusted Identity solutions, including Risk Analytics and our upcoming digital account opening offering to contribute to revenue as 2019 progresses,” he said.
The Intelligent Adaptive Authentication solution leverages multi-factor authentication including biometrics, as well as risk scoring, to establish a dynamic authentication process that can change for each transaction. In addition to this solution, OneSpan also launched a machine learning-based Risk Analytics solution last year aimed at defending against online account takeover and helping clients to comply with the European Union’s PSD2 regulation.
Looking ahead, OneSpan predicts revenues for 2019 to be in the range of $229 million to $237 million, underling the confidence of its leadership in continuing growth.
(Originally posted on FindBiometrics)