Dive Brief:

• Seasoned CFO and financial executive Jorge Martell will serve as CFO of cybersecurity company OneSpan Inc, effective Tuesday, the company announced in a press release.
• Martell will replace interim CFO Jan Kees van Gaalen, whose role concluded with Martell’s appointment, per a Tuesday filing with the Securities and Exchange Commission (SEC).
• The KPMG alum’s move to the CFO seat is the latest in a series of senior leadership appointments by the firm as it gears up to execute a three-year transformation plan announced in May 2022.

Dive Insight:

Prior to his jump to OneSpan, Martell has most recently served as CFO for creative logistics firm Extreme Reach since 2016, according to his LinkedIn profile. He also served as VP of finance and corporate controller for the logistics firm prior to taking on the CFO position.

Martell also served as assistant corporate controller, director of finance for digital business and transformation firm Sapient, now Publicis Sapient, and is a veteran of Big Four accounting firm KPMG.

Upon joining OneSpan, Martell will receive an annual base salary of $400,000, and will also be eligible to earn an annual cash bonus with a target bonus percentage of 65% of his base, per the Tuesday filing.

OneSpan, which reported its second quarter financial results for the year on Aug. 2, has moved to build up its executive team in recent months among plans for future growth, with the company announcing a three-year ongoing strategic transformation plan during its investor day on May 17.  

Martell’s is the latest in a series of executive appointments by the firm, with IT security company Sophos alum Michael Klieman taking on the role of chief product officer, according to a May 23 press release. Meanwhile, Michael Lillie, who has held previous such roles for software-as-a-service (SaaS) company Qlik as well as Endurance International Group, joined the OneSpan C-Suite as their chief information officer on July 5.

“A key part of this transformation has been the continual strengthening of our executive leadership team to bring scale experience to the company,” company CEO Matt Moynahan said during the firm’s second quarter earnings call on Aug. 2, noting OneSpan hopes to have the rest of its key executive positions filled within the next few months.

OneSpan reported $52.8 million in revenue for the quarter, a 1% increase year-over-year, per its earnings results. The company reported operating results for its two sectors of digital agreements — including its e-signature and virtual room solutions — and security solutions — including the company’s on-premise software security products, identity verification and multi-factor authentication services — for the first time in the second quarter. The quarter marks “the beginning of the new OneSpan from a financial reporting perspective,” according to Moynahan.

OneSpan reported digital agreement revenue of $10.5 million, a 10% jump year-on-year, per the company’s quarterly earnings release. Total revenue for security solutions dipped 1% to $42 million, meanwhile.

OneSpan did not respond to requests for comment.