You could do this in Vegas, but it might not be the best tool in the box to use. This is probably created in After Effects or some 3D app, and then rendered out to a .PNG sequence to act as the transition. To do this in Vegas would require some heavy compositing of tracks and key framing. Although there only seems like 3-4 layers depending on how you do it.
1 - White background
2 - Lanyard layer
3 - Badage with logo layer.
4 - Additional animated title text layer
Then key frame 2-4 to wipe white backdrop to reveal an alpha background.
Render to .png sequence.
After Effects most likely has a template or the motions already built, which is why people like After Effects.