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  "documentTitle": "Legion One Span Presentation May 2021",
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  "presentationDate": "2021-05-01 00:00:00",
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  "notes": "The slide uses a 'villain' narrative by questioning the Board's governance and transparency regarding capital allocation.",
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      "kind": "callout",
      "text": "The Company filed a $300mm shelf registration which the Board described as “good governance” – is there another expensive acquisition on the horizon?",
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      "kind": "list",
      "text": "Similarly, the Company had not disclosed post-merger performance of Alfa & Ariss, which is concerning as the asset had close ties to DigiNotar, leaving stockholders to wonder whether this asset was impacted as well",
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      "text": "Considering numerous precedent eSignature M&A transactions and a direct public peer, DocuSign (DOCU), provide signposts for valuing the asset, we question the credibility of the strategic review process in light of the ongoing proxy contest",
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      "text": "The Board’s recent strategic review of OSS failed",
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      "kind": "list",
      "text": "Other than stating Dealflo performance “met our expectations” a couple quarters following the acquisition, the Company has provided no further disclosure on this business’s performance",
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      "text": "Dealflo negatively impacted 2018 Adj. EBITDA guidance by $6mm but only included 7 months of impact, implying heavy investment into the business given it produced ~$6mm in operating losses for all of 2017",
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      "text": "FY2018 Adj. EBITDA guidance was revised downward from $21-25mm to $15-19mm despite producing ~$5mm of EBITDA outperformance vs. consensus estimates in 1H 2018",
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      "text": "Lastly, we believe the Board has failed to sufficiently disclose OSS’s fundamentals, which has its heritage in the Silanis acquisition, resulting in a seemingly discounted valuation in the public markets",
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      "text": "The Company's latest acquisition, Dealflo, was acquired for 11.5x LTM EV / Revenue in May 2018 which at the time appeared rather expensive relative to OSPN's LTM EV / Revenue of 3.4x",
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      "text": "Alfa & Ariss, Silanis and Dealflo represent ~75% of capital spent on M&A over the past 15 years, but the Board has seemingly failed to detail their financial impact or achieve a fair value for these assets in the public markets",
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      "kind": "source-note",
      "text": "Source: SEC Filings, OSPN Press Release (5/30/18), OSPN Q4 2018 Earnings Call Transcript (2/19/19), Vista Point Advisors, Legion Partners’ Estimates and meetings with OSPN management",
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      "kind": "title",
      "text": "Expensive Acquisitions Have Not Improved TSR",
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