EXHIBIT 99.1

VASCO Completes Sale of its VACMAN Enterprise (also known as IntelliSoft and
SnareWorksTM) Business to SecureD Services, Inc.

OAKBROOK TERRACE, Ill. and BRUSSELS, Belgium - July 9, 2003 - VASCO Data
Security International, Inc. (Nasdaq: VDSI: www.vasco.com), a global provider of
end-to-end security products that support e-business, today announced that it
has completed the sale of its VACMAN Enterprise business, originally known as
IntelliSoft and/or SnareWorks, to SecureD Services, Inc., a newly-organized
security consulting and managed security services company. VASCO will continue
to sell, support, maintain, and develop its VACMAN and Digipass strong user
identity authentication product line. VACMAN Enterprise was not part of VASCO's
ongoing core business and active marketing of the product was discontinued as
part of the Company's restructuring in fiscal year 2001.

Under the terms of the Agreement, VASCO received a senior secured promissory
note of approximately $1.1 million and $2 million of Convertible Preferred Stock
from SecureD Services. The promissory note bears a six (6) percent interest rate
and will be payable in thirty-six (36) equal and consecutive monthly payments.
The Preferred Stock includes a six (6) percent cumulative stock dividend,
payable quarterly, and can be converted into SecureD Services Inc. common stock
at defined intervals beginning July 1, 2005. VASCO does not expect that the
transaction will have a significant impact on the results of its operations for
the quarter ended June 30, 2003.

Mr. King Moore, SecureD Services' President & CEO stated, "I am pleased that we
have completed this transaction. The VACMAN Enterprise business fits very nicely
with SecureD Services' strategic direction and its market opportunity. We
believe that the enterprise authentication and single sign-on technology used in
this product will be a core technology for our Cyber Security business. SecureD
Services is committed to continuing the development and enhancement of the
product line for its existing customers and the many new prospects that have
expressed interest."

"I am very happy that we were able to complete this transaction with SecureD
Services," stated Ken Hunt, VASCO's Chairman and CEO. "For VASCO, this
transaction is further indication of our determination to devote all of our
resources and efforts to our core business, strong user identity authentication.
As we have previously stated, the VACMAN Enterprise business did not have a
place in our future plans. For the customers of the product , the purchase by
SecureD Services represents an outstanding opportunity for the continued growth
and enhancement of the product." Mr. Hunt is one of the founders and organizers
of SecureD Services.

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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 security products, small "calculator" hardware
devices carried by an end user, or in a software format on mobile phones, other
portable devices, and PCs. For user access control, VASCO's VACMAN products
guarantee that only designated Digipass users get access to the application.
VASCO's target markets are the applications and their several hundred million
users that utilize fixed passwords as security. VASCO's time-based system
generates a "one-time" password that changes with every use, and is virtually
impossible to hack, or break. With 10 million Digipass products sold and
ordered, VASCO has established itself as a world-leader for strong Identity
Authentication with 200 international financial institutions, approximately 1000
blue-chip corporations, and governments representing more than 50 countries.

Forward Looking Statement

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. More information is available at www.vasco.com.

For more information contact:

Media: Jochem Binst: +32 2 456 9810, jbinst@vasco.com
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Investor Relations: Tony Schor, President, Investor Awareness, Inc.:
847-945-2222, tonyschor@investorawareness.com