Exhibit 21

Subsidiaries of VASCO Data Security International, Inc.

Name of Subsidiary				State or Country of Incorporation
VASCO Data Security, Inc.				Delaware, U.S.A.
VASCO Data Security Europe NV/SA				Belgium
VASCO Data Security NV/SA				Belgium
Lintel Security NV/SA				Belgium
VASCO Data Security Asia-Pacific Pte Ltd				Singapore
VASCO Data Security Pty Ltd				Australia
VASCO Data Security Australia Pty Ltd				Australia
VASCO Data Security B.V.				The Netherlands