iMav, I tried in Photoshop and came up with this.
I radial blurred the inside logo many times(initially in draft...then final to good or excellent). Put the layer in Pin light mode. Also using Liquify tool, I made outer strokes on that duplicated logo layer..then followed the previous process of radial blur again.
For the glow I created white filled circle overlapping it. Then made fill opacity to 0%. Then applied Inner Shadow settings with blue color in Overlay mode. or you can also use Dodge tool.
I have uploaded PSD for your reference.