{
  "docId": "019f6b8f-2c96-7579-a769-2e509f3e13c4",
  "docSlug": "jarvis-legion-one-span-presentation-may-2021",
  "documentTitle": "Legion One Span Presentation May 2021",
  "authorId": "legion-one-span-presentation-may-2021",
  "authorName": null,
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2021-05-01 00:00:00",
  "orientation": null,
  "aspectRatio": null,
  "pageNumber": 85,
  "pageCount": 154,
  "prevPage": 84,
  "nextPage": 86,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 1,
  "notes": "Uses a Gartner Magic Quadrant to visually demonstrate the absence of the company in the relevant market.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019f6b8f-2c96-7579-a769-2e509f3e13c4/85",
  "deckHref": "/decks/019f6b8f-2c96-7579-a769-2e509f3e13c4",
  "deckJsonHref": "/decks/019f6b8f-2c96-7579-a769-2e509f3e13c4.json",
  "deckAnchorHref": "/decks/019f6b8f-2c96-7579-a769-2e509f3e13c4#slide-85",
  "components": [
    {
      "bbox": {
        "h": 0.55,
        "w": 0.4,
        "x": 0.505,
        "y": 0.265
      },
      "kind": "chart",
      "text": "Gartner Magic Quadrant UTM and SMB Firewall (July 2017)",
      "attrs": null,
      "subkind": "bubble",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c11f00ca-bcb1-4a67-b29a-3156b7b68b1c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.4,
        "x": 0.505,
        "y": 0.265
      },
      "kind": "framework",
      "text": null,
      "attrs": null,
      "subkind": "instance",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5aa17616-b929-4db7-b26e-ec63c1e5a362",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.45,
        "x": 0.096,
        "y": 0.27
      },
      "kind": "list",
      "text": "At the time of acquisition, the Board was very excited about the addition of Able: Given OneSpan’s longstanding history as a user authentication cybersecurity vendor, we fail to understand the strategic rationale of aggressively expanding into enterprise security with a completely different product area. After over a decade of attempting to grow their UTM business, OneSpan was nowhere on the map in this space – Gartner did not even recognize them as a niche player in their UTM Magic Quadrant. Able was sold to an employee for “a de minimis” amount in August 2017 per OSPN’s 2018 10-K, culminating in a quiet end for this seemingly failed acquisition",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "633f4720-cc7b-4abb-80f4-16ac78eeb888",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.805,
        "x": 0.096,
        "y": 0.185
      },
      "kind": "paragraph",
      "text": "The 2006 acquisition of Able was OSPN’s attempt at expanding into the broader enterprise security market by adding a unified threat management (“UTM”) offering",
      "attrs": null,
      "subkind": "description",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "62e3a80c-c58c-4822-b327-ea939b7efc93",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.35,
        "x": 0.15,
        "y": 0.33
      },
      "kind": "quote",
      "text": "We believe that the UTM market will grow significantly in the coming years and we believe that Able's product line will enable [OneSpan] to win a substantial part of the SME market.",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ccf7ae1d-c491-4504-b168-2b7666377a9b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.35,
        "x": 0.096,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "Note: Small-medium enterprise/business (“SME” / “SMB”) Source: SEC Filings, Company Press Releases, Gartner",
      "attrs": null,
      "subkind": "source-note",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "735d18b7-107b-4f78-adbe-3de3acd62125",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.45,
        "x": 0.096,
        "y": 0.125
      },
      "kind": "title",
      "text": "Able N.V. – Sold to Employee for Peanuts",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "70486ec0-3e8e-47a7-81e9-6065953b8f44",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "matrix-2x2",
      "slug": null,
      "matchId": "76d8232b-43f5-448d-bab1-47bf4a5a6cd3",
      "evidence": "Gartner Magic Quadrant chart",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 100,
      "from": 61,
      "beatId": "b127939b-2cba-40f2-a3c8-1d9d1aa4b865",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Path to Victory",
      "beatSlug": null,
      "evidence": "Legion outlines its vision for a new board and leadership team",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}