OneSpan Inc. closed its acquisition of Build38 on March 2 2026, adding the Boston‑based company’s next‑generation mobile application protection solutions to its cybersecurity portfolio. Build38, known for its SDK‑based Runtime Application Self‑Protection (RASP) technology, cloud‑powered threat intelligence, and AI‑enabled defenses, will be integrated into OneSpan’s App Shielding offering to provide deeper in‑app protection and real‑time threat detection for high‑value mobile experiences.
The acquisition is a strategic move to strengthen OneSpan’s position in the mobile‑first authentication and security market, especially for banks and financial institutions that rely on secure mobile channels. By combining Build38’s in‑app shielding, monitoring, and automated response capabilities with OneSpan’s existing authentication and transaction‑signing solutions, the company will offer a more comprehensive, intelligence‑driven protection stack that addresses emerging mobile threats and AI‑driven attacks.
Financially, OneSpan has stated that the deal is not expected to materially affect its 2026 guidance, although it is projected to dilute adjusted EBITDA by $3 million to $4 million in 2026. The transaction follows a period of steady growth: Q4 2025 revenue was $62.9 million, a 3% year‑over‑year increase, and full‑year 2025 revenue was $243.2 million, flat compared with 2024. The acquisition therefore represents a strategic investment rather than a revenue‑driven expansion.
Victor Limongelli, OneSpan’s CEO, said, “With the close of this acquisition, we’re excited to welcome Build38 to OneSpan and take this important next step in expanding our mobile app security capabilities. By adding Build38’s SDK‑based security capabilities to enhance our App Shielding offering, including the integration of in‑app, cloud, and AI‑driven protections, we’re strengthening our ability to safeguard high‑value mobile channels and help our customers stay ahead of rapidly evolving threats.” Dr. Christian Schläger, Build38’s CEO, added, “Build38 was founded to redefine mobile application security through next‑generation RASP, combining cloud‑delivered services and AI innovation. Joining OneSpan will allow us to scale this vision globally and deliver best‑in‑class protection to banks and businesses that demand the highest security standards.”
Build38 was founded in 2019 as a spin‑off of Giesecke+Devrient and has attracted strategic investments from G+D Ventures, eCAPITAL Entrepreneurial Partners, Criteria Venture Tech, and Tikehau Capital. The acquisition follows OneSpan’s recent moves, including the June 2025 purchase of Nok Nok Labs and a strategic investment in ThreatFabric in October 2025, underscoring the company’s shift toward a software‑centric model. With a market cap of $412 million and a strong balance sheet—more cash than debt and a current ratio of 1.75—OneSpan is well positioned to capitalize on the growing demand for mobile security solutions in the financial services sector.
The Build38 acquisition expands OneSpan’s product mix and positions it to capture additional revenue from mobile app security services, reinforcing its strategy to deliver a unified authentication, transaction signing, and application protection platform for high‑value digital channels. By integrating Build38’s AI‑driven threat intelligence and cloud‑based RASP, OneSpan can offer customers a more proactive, intelligence‑driven approach to safeguarding mobile experiences, thereby strengthening its competitive edge in the rapidly evolving mobile security market.
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