Company consolidates its R&D offices; Decreases overall development expenses
VASCO Data Security International Inc. (Nasdaq: VDSI) announced today that it will close its R&D facility in Brisbane, Australia. The company plans on consolidating its R&D resources in order to improve cost efficiency and expects to finalize the closure of the Brisbane office by end of December, 2013.
VASCO has R&D facilities in The Netherlands, Belgium, France, Austria, the UK and Australia. The time difference and the travel distance between the main R&D facilities in Europe and the Brisbane office were among the decisive factors for VASCO to discontinue its Brisbane office. In Australia, the company continues to invest in its Sydney regional sales headquarters.
VASCO's Brisbane office had 15 employees. The R&D activities that were located in Brisbane will be reassigned to VASCO's Vienna (Austria) office. The Vienna operations have the necessary resources to continue the development of the products previously developed in Brisbane.
"It is unfortunate that we have to discontinue our R&D operations in Brisbane," said Ken Hunt, VASCO's Chairman and CEO. "VASCO's R&D centers are spread all over the world due to our history of acquisitions. The cost and the work load necessary to manage such a widely spread network of R&D offices over multiple time zones, forced us to take action in order to make VASCO's R&D department more efficient."