Wednesday, March 5, 2008

Vasco Gains In Japan And Sweden

Vasco Data Securities (VDSI) reported today that they had landed the second large contract in as many weeks. The latest contract is with Swedbank, the leading bank in Sweden, Estonia, Latvia and Lithuania. Swedbank also operates in in Denmark, Finland, Norway, Western Russia, Luxembourg, Ukraine, US, China and Japan. With their broad reach Swedbank will secure over 1.25 million retail customers in Sweden and the Baltic States with VASCO's Digipass 260 and Digipass 300 Comfort.

"We opted for VASCO because of their product offering for authentication and their broad experience and knowledge in this area," said Christer Cragnell, CIO of Swedbank Group. "Customer service is of the utmost importance to Swedbank. By partnering with VASCO, we'll be able to secure our customers' assets in a flexible and cost effective way."

If that wasn't enough Vasco Data Securities also signed up one of the biggest bank in Japan last week Mizuho. More importantly, Mizuho is first bank in Japan to use VASCO’s products, which is a great sign that there will be more contracts like this in the future. They did not release official numbers about how many products Vasco would provide, but I can tell you that about 25 million individual customers have accounts with Mizuho Bank.

Vasco shareholders have be through a rough ride over the past year, but the company's ability to land contracts like these shows us that they have not lost focus on the future of the company. A couple lumpy quarters certainly doesn't justify this huge drop in VDSI.

To see all the past articles on Vasco Data Securities click here...

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