Tech Bytes: Paribas Puts Bet on Illinois Security Firm

Vasco Corp., a bank data security vendor that does much of its business in Europe, reported getting a financial vote of confidence from Banque Paribas Belgique of Brussels.

Vasco chairman and chief executive officer T. Kendall Hunt said the bank, a unit of Paris-based Paribas, agreed to convert a $3.4 million bank guarantee into a five-year convertible note at 3.25% annual interest. The loan can be converted into common stock at a discount of 10% or 20%, depending on the date of a secondary offering.