That can be easily done with Vegas. I think there's an arrow shape in the cookie cutter effect, and it's just as easy to mask it. Just get a black solid, mask out the arrow, and animate it in pan/crop. If you want that light blue glow under it too, copy-paste the masked solid in a layer under it, but change the color and apply a blur. You might also want to play around with the transparency to make the glow more subtle.
I don't doubt that was done in vegas, but the random particle effects were probably done in another program.