Vasco climbs on strong demand

Vasco climbs on strong demand

Digital security firm Vasco is reporting record-breaking revenue and earnings for the second quarter on the back of strong demand for its Web authentication software.

Revenues for the second quarter of 2005 increased 72% to $12.3 million from $7.2 million in 2004 and, for the first six months of 2005, increased 80% to $23.8 million from $13.2 million in 2004. AOS-Hagenuk, the Dutch smart card vendor acquired by Vasco in February, contributed $1.35 million and $2.2 million in revenues for Q2 and H1 respectively.

Vasco says it won 192 new customers in Q2 2005 (23 banks and 169 corporate customers) and 376 for the first six months of 2005. Year-to-date new customers include 41 banks and 335 corporate customers.

Ken Hunt, Vasco's CEO, and chairman, notes: "More of our new banking customers are starting with high-volume retail applications rather than starting with smaller corporate banking or employee-based applications."

Shares in Vasco climbed throughout trading yesterday to close at $10.65 in advance of the after-hours earnings announcement.

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