NW_20041123_en_VASCO Executes Worldwide Growth Plans

November 23, 2004

OAKBROOK TERRACE, Ill., and BRUSSELS, Belgium, November 23, 2004 - VASCO Data Security International, Inc. (NASDAQ: VDSI), (www.vasco.com), the global number one vendor of strong user authentication products to the financial sector, today announced that it is in full execution of the growth plans it has announced during its Q3 Conference Call. Worldwide, VASCO is growing swiftly by adding professionals to its staff and tightening its sales network.

In less than a years time, VASCO’s Westbourough, Massachusetts based North American Operations Headquarters have outgrown the office opened less than a year ago. VASCO will shortly move into another office in the same building. The high demand of VASCO’s products in the North American Corporate Banking and Corporate Network Access markets have encouraged VASCO to speed up its growth process in the USA and to double its number of East Coast employees within a time span of two quarters. Soon, VASCO will start stepping up its activities at the West Coast of the United States.

VASCO’s Operational Headquarters in Wemmel, Belgium will enhance its office space by 25%. New hires in Sales and Marketing, R&D and Technical Support are in full execution.
At the end of Q3, VASCO has opened a representative office in Shanghai, in order to explore the potentially important Chinese market.
Currently, VASCO has 94 employees worldwide. VASCO earlier announced that it had 80 employees at the end of September 2004. Plans are to widen the VASCO staff to over 120 employees during 2005.

“Worldwide, there is a rising demand for VASCO’s Digipass products,” said Jan Valcke, VASCO’s President and COO. “In order to allow the company to be competitive in every region and in every vertical market, VASCO has to grow. The adding of experienced, skilled staff is the first chapter of VASCO’s growth. This growth will make VASCO more successful, more profitable.”

About VASCO: VASCO designs, develops, markets and supports patented “Identity Authentication” products for e-business and e-commerce. VASCO’s Identity Authentication software is delivered via its Digipass hardware and software security products. For user access control, VASCO’s VACMAN products guarantee that only designated Digipass users get access to the application. With over 12 million Digipass products sold and shipped, VASCO has established itself as a world-leader for strong Identity Authentication with more than 300 international financial institutions and over 1,400 blue-chip corporations and governments located in more than 80 countries.
Forward Looking Statements
Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement containing words such as “believes,” “anticipates,” “plans,” “expects,” and similar words, is forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements.
Reference is made to the Company's public filings with the US Securities and Exchange Commission for further information regarding the Company and its operations.

Jochem Binst
Phone: +32 245 69 810
[email protected]