{
  "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": 94,
  "pageCount": 154,
  "prevPage": 93,
  "nextPage": 95,
  "slideType": "villain_critique",
  "function": "name_villain",
  "density": "dense",
  "nDataPoints": 2,
  "notes": "Uses a Gartner Magic Quadrant to illustrate historical market leadership.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019f6b8f-2c96-7579-a769-2e509f3e13c4/94",
  "deckHref": "/decks/019f6b8f-2c96-7579-a769-2e509f3e13c4",
  "deckJsonHref": "/decks/019f6b8f-2c96-7579-a769-2e509f3e13c4.json",
  "deckAnchorHref": "/decks/019f6b8f-2c96-7579-a769-2e509f3e13c4#slide-94",
  "components": [
    {
      "bbox": {
        "h": 0.5,
        "w": 0.4,
        "x": 0.53,
        "y": 0.285
      },
      "kind": "chart",
      "text": "Gartner Magic Quadrant User Authentication (December 2013)",
      "attrs": null,
      "subkind": "bubble",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "af2828c4-2213-4d0b-a912-9456a0128870",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.4,
        "x": 0.53,
        "y": 0.28
      },
      "kind": "framework",
      "text": "Gartner Magic Quadrant",
      "attrs": null,
      "subkind": "instance",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bdc3aef7-0d25-47f2-a21a-00360cd3fc7b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.4,
        "x": 0.09,
        "y": 0.28
      },
      "kind": "list",
      "text": "The Company believes Hardware token authentication has a $400mm TAM and with ~$100mm in historical annual revenue, OneSpan was a major player. Just a few years ago in 2015, Hardware was ~80% of total revenue and OSPN had a huge portion of the market.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5fc27b12-a4fe-4882-b060-c50166f0792c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.4,
        "x": 0.09,
        "y": 0.55
      },
      "kind": "list",
      "text": "OSPN was considered a leader alongside Gemalto (Thales) and RSA; the latter became far less competitive following its acquisition by Dell and then private equity. But now the Company states the Hardware segment is in long-term secular decline. However, we believe the Board missed a major opportunity that was successfully exploited by a competitor.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f4426814-1912-4643-b3bf-e446ea30c7b6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.09,
        "y": 0.92
      },
      "kind": "other",
      "text": "Source: SEC Filings, OneSpan Investor Day Presentation and Transcript (12/4/19), Gartner, Legion Partners' Estimates",
      "attrs": null,
      "subkind": "source-note",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "21352440-6bc9-4a2d-b88f-ebdd9c4d371d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.8,
        "x": 0.09,
        "y": 0.18
      },
      "kind": "title",
      "text": "We believe long-tenured directors have failed to effectively manage the Hardware segment's long-term performance",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9c630fc2-42f4-414d-ae77-defff804aa8a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.75,
        "x": 0.09,
        "y": 0.11
      },
      "kind": "title",
      "text": "Hardware: In Secular Decline...and Poor Management?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "25c7a725-43ce-4694-83df-ad5c2fe0dee1",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "matrix-2x2",
      "slug": null,
      "matchId": "86b33c21-b46f-4cd4-a383-69fb114bbc5c",
      "evidence": "Gartner Magic Quadrant chart used to categorize market players by vision and execution.",
      "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
}