Path Solutions

June 19, 2012
OAKBROOK TERRACE, Ill., and ZURICH, Switzerland, June 19, 2012 - VASCO Data Security International, Inc. (Nasdaq: VDSI) (www.vasco.com), a leading software security company specializing in authentication products, today announced that it has partnered with Path Solutions (www.path-solutions.com), a global provider of technology solutions, consulting services and outsourcing addressing the whole spectrum of the global finance industry and in specific the Islamic finance industry.

Path Solutions is a Kuwait-based multi award-winning provider of Islamic and Investment software solutions offering integrated business solutions and services for the Islamic banking and investment segment. The partnership allows Path Solutions to offer Islamic financial institutions an integrated high-standard solution providing authentication security with VASCO’s best of breed authentication technology.

Path Solutions has integrated VASCO’s leading DIGIPASS technology into its core internet banking applications iMAL*Connect and iMAL*2Mobile, a new generation of comprehensive enterprise Islamic banking and investment systems, providing customers with strong authentication and secure online accessibility to personal accounts as well as ensuring transaction integrity.
iMAL empowers financial organizations to run their businesses in real time mode, ensuring the availability of information on real time basis. By integrating VASCO’s DIGIPASS technology, financial organizations using iMAL enable their customer base to securely access their online personal accounts anywhere at any time.

“VASCO has a longstanding experience in providing security solutions for the banking business which is inherently prone to fraud and hacking attempts”, says Path Solutions’ Group Chairman & CEO, Mohammed Kateeb. “With its authentication technology and DIGIPASS offering, VASCO provides an additional security layer for our internet and mobile banking applications. This strategic partnership with VASCO brings the best of leading-edge technologies together and underwrites Path Solutions’ vision to be the most trusted and innovative provider of information technology solutions and services for the global finance industry and in specific the Islamic finance industry”.
“We believe that this partnership will bring an added value to both our joint customers and prospects”, says Jan Valcke, VASCO’s President and COO. “Together with Path Solutions we can provide the best of breed technologies to the regional market enabling customers to integrate high-level security and gain competitive advantage by boosting their customers’ trust”.

A premier provider of Islamic software solutions to the financial services industry, Kuwait based Path Solutions has over 20 years of market experience using unrivalled software implementation expertise at forward-thinking Islamic banks and financial institutions.

Path Solutions’ flagship product, iMAL is built on open architecture, offers low cost of ownership and uses established standards such as HTTP/S and XML. It is also available as a Model Bank implementation, with best practice processes built-in.

Path Solutions’ customer base spans across 28 countries. The company has a strong presence in the Gulf, Middle East, Africa, Asia Pacific and England.

Path Solutions has received recognition from industry top analysts including Gartner, Forrester and Celent.

VASCO is a leading supplier of strong authentication and e-signature solutions and services specializing in Internet Security applications and transactions. VASCO has positioned itself as global software company for Internet Security serving a customer base of approximately 10,000 companies in more than 100 countries, including approximately 1,700 international financial institutions. VASCO’s prime markets are the financial sector, enterprise security, e-commerce and e-government.

Forward Looking Statements:

Statements made in this news release that relate to future plans, events or performances are forward-looking statements. These forward-looking statements (1) are identified by use of terms and phrases such as "expect", "believe", "will", "anticipate", "emerging", "intend", "plan", "could", "may", "estimate", "should", "objective" and "goal", "possible", "potential", and similar words and expressions, but such words and phrases are not the exclusive means of identifying them, and (2) are subject to risks and uncertainties and represent our present expectations or beliefs concerning future events. VASCO cautions that the forward-looking statements are qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements. These risks, uncertainties and other factors have been described in greater detail in the Annual Report on Form 10-K for the fiscal year ended December 31, 2011 filed with the Securities and Exchange Commission and include, but are not limited to, (a) risks of general market conditions, including currency fluctuations and the uncertainties in world economic and financial markets, (b) risks inherent to the computer and network security industry, including rapidly changing technology, evolving industry standards, increasing numbers of patent infringement claims, changes in customer requirements, price competitive bidding, and changing government regulations, and (c) risks specific to VASCO, including, demand for our products and services, competition from more established firms and others, pressures on price levels and our historical dependence on relatively few products, certain suppliers and certain key customers. Reference is made to VASCO's public filings with the U.S. Securities and Exchange Commission for further information regarding VASCO and its operations.

This document may contain trademarks of VASCO Data Security International, Inc. and its subsidiaries, including VASCO, the VASCO "V" design, DIGIPASS, VACMAN, aXsGUARD and IDENTIKEY.

For more information contact: Jochem Binst , +32 2 609 97 00, [email protected]