+7%

est. 2Y upside i

FinTechSeries B

Stage: exit. Country: UK

Rank

#3519

Sector

Fintech, Workflow Automation

Est. Liquidity

~0Y

Data Quality

Data: Medium

Dealflo was acquired by OneSpan in 2018 for $54.5M.

Last updated: March 10, 2026

Bull (20%)+75%

OneSpan successfully accelerates its transition to a pure-play software company, with the Digital Agreements segment (including Dealflo's technology) and new mobile security acquisitions (Nok Nok Labs, Build38) driving subscription revenue growth to 15%+ annually. This improved growth and continued profitability lead to a re-rating, pushing the market cap to ~$714M over two years.

Base (40%)+20%

OneSpan maintains its position in regulated financial services, with modest growth in its software and subscription revenues, particularly in Digital Agreements. Overall revenue growth remains low (2-5% YoY), and the company continues to be profitable. The market cap reaches approximately $490M, reflecting steady but unspectacular performance.

Bear (40%)-40%

OneSpan struggles to accelerate overall revenue growth amidst intense competition from larger players like DocuSign and Adobe Sign in digital agreements, and other cybersecurity firms. Integration of recent acquisitions proves challenging, and the shift from hardware to software does not yield expected growth. Market cap declines to approximately $245M due to sustained low growth and competitive pressures.

Est. time to liquidity~0.0 years

Preference Stack Risk

severe

Funding Intensity

34%

As a public company, common stock holders are not subject to liquidation preferences in the same way as private company preferred shares.

Dilution Risk

moderate

While OneSpan has recently repurchased shares, ongoing share-based compensation for employees can lead to dilution of existing shares.

Secondary Liquidity

active

Shares are publicly traded on NASDAQ under the ticker OSPN, providing active secondary liquidity.

Questions to Ask at the Interview

Strategic questions based on Dealflo's data — designed to show you've done your homework.

  • 1

    “How does OneSpan plan to accelerate overall revenue growth beyond the projected 0-2% for 2026, especially given the flat total revenue in 2025?”

  • 2

    “With major players like DocuSign and Adobe Sign dominating the e-signature market, what is OneSpan's specific strategy to differentiate and gain market share in its Digital Agreements segment, particularly leveraging the Dealflo technology?”

  • 3

    “Given OneSpan's recent acquisitions of Nok Nok Labs and Build38, how will these integrations contribute to the company's 'Trusted Identity' platform and what are the key performance indicators for their success over the next 12-24 months?”

Community

Valuation Sentiment

Our model estimates +7% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.