OneSpan sells cybersecurity and digital agreement software primarily to banks and financial institutions, with over 60% of the world's 100 largest banks as customers. OneSpan's core cybersecurity products include multi-factor authentication software, mobile app shielding, and transaction signing solutions that banks use to verify customer identity during digital banking sessions. Historically, OneSpan sold physical hardware tokens (branded "Digipass") for authentication, but banks have shifted to mobile-first strategies and software authentication now dominates, with hardware declining from 78% of revenue in 2015 to roughly 20% today. OneSpan also offers OneSpan Sign, a cloud-based e-signature platform used by banks to execute digital agreements for account opening and loan origination. Most revenue comes from software subscriptions, which were 57% of total revenue in 2024 and growing at double-digit rates. The Cybersecurity segment (~74% of revenue) runs at very high margins, while Digital Agreements (~26% of revenue) is still scaling. OneSpan sells directly and through channel partners, and the Cybersecurity business grows primarily by expanding licenses with existing large bank customers rather than winning new logos. In 2025, OneSpan acquired Nok Nok Labs to add FIDO2/passkey passwordless authentication capabilities, took a 15% equity stake in mobile threat intelligence firm ThreatFabric, and agreed to acquire mobile app protection firm Build38, all targeted for cross-sell into its existing bank customer base.