There's still a lot of unfinished business for Wave in order to realize the full potential we've been long anticipating. I am referring to the barely scratched surface of enterprise upgrade business which I believe Wave needs to master before they'll have the strong brand recognition needed to introduce hardare based security to the larger consumer space.
Make no mistake, Wave's achievements with their OEM partners have been remarkable for such a small company with limited resources. The multiple bundling deals with Dell, Intel, Seagate, Toshiba, Fujitsu, Acer, NEC Europe, Lenovo and Broadcom have been impressive, but until Wave really establishes itself in the enterprise security market, there's a chance it will remain a niche player for simply providing engineering support to OEMs in a low margin business.
On the positive side Dell, Intel and Broadcom are investing many $millions in this space (I've heard Braodcom alone is investing over $40m in the Universal Security Hub for which Wave software is an integral part), so it's clear these companies believe security is moving to hardware and they want to be in the forefront. Wave's plan is that as hardware FDE and TPMs beccome standard components of PC platforms, the enterprise security market will transition from one based on after-market software for functions like data-protection to a market based on security integrated into the platforms provided by PC OEMs.
My hope is that with the necessary marketing muscle from partners like Dell and Intel, we'll start to see this plan really come to fruition in 2009 so that the revenue balance is eventually tilted heavily in favor of upgrades rather than royalties.
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