Just a couple of points from the SHM presentation I don't recal seeing elsewhere.
On EMV and the business model. The customer is the bank. There are different fee structures for card present and card not present. Banks want the lower fraud/higher fee for "card present" for current card not present mobile transactions. They are working with wave to develop a solution that will satisfy "card present" as the chip does in a euro EMV card by provision hardware. The bank would not pass this on to the customer (the online business using e.g. VISA), they would simply pocket the delta and give wave a portion of that delta.
On cost cutting. while lots of heads rolled - much prior o the new admin, little was done to address efficiency other than cutting heads. They do now.
On dell replacement. It seems all partners are operating under new or tweaked agreements. Specifically listed: Samsung, sandisk, WYY, NEC, MU. These are all stated to be revenue generating ... royalty generating agreements.
On changes to enterprises targeted . Previously the effort focused on Safend products. Not so much SEDs and ERAS.So, worked over the ERAS/SED sales team, raised quotas, much coaching, have clear strategy etc. VSC is new primary focus, with SEDs and ERAs in tow.
On culture. Trying to get people excited about working at wave again. (I have long lamented the idea that moral must be awful).
On the PP. It was driven by SP opportunity and the transparency thingy. Pulled out an abacus, looked at burn, estimated c.f.b.e, and added a cushion. He reads the journal iHub Bean Counters so it was pretty easy. PP is already accounted for, it is for burn plus maybe a couple engineers to fix some things and some money for a targeted marketing thingy (for VSC).
On ATM toxicity. It was toxic to current shareholders, he would get bombarded every time the SP fell etc. Needed to put it down. Industry average for a WAVX type situation 11.44% discount, they got %11.2 percent. They are pleased.
On Spragues. PJS said, regarding his family, ".... we will try to get along." jeez.
Esign. Clearly on the block. deliberately terse in the "no comment" indicating clearly a non-public information item.
scrambls. Interesting tech, there is interest. It is not ready for anything now, Looking for investment.
chadder/rivetz. each going their own way, something to the effect of could not rteach a deal, but they aren't?/wont be infringing, kinda vague.
VSC, launch etc. It does look like they have at least one customer who may well be able to pull the trigger soon upon release. It is a big company. It is not GM, BASF, or BP. One of those three did express interest a bit ago (them asking Wave, do you have a VSC capability?). They are clearly hoping the big new customer buys on or near launch, that notion is definitely on the table. Claims that there is a significant who jumps first barrier to VSC, expects snowball effect on VSC. Expects competition to arise rapidly on VSC upon demonstrated Wave success on this. Currently mutliple pilots. v1 lacked comprehensive management tools.
Trying to upsell PwC, and some PwC peer companies.
WEM back to incubator (one of few things getting scarce resources. To target supply attetation solution with WEM. It was not ready for sale but a tweaked for one gov project thingy.
The above content is my opinion.
