Can you envision Wave expanding their server facilities and customer service/support staff in order to handle the bulk of the trust server services themselves as opposed to licensing out the trust server?
Are you familiar with EDS for example, and if they handle most of their own processing? EDS has a huge number of employees, but I assume they were once small also.
Also is there some chance that EDS could work with Wave on the TCG platform, much the way they are the root key holder for Embassy?