vc15,
Verisign's market cap being $3.6B right now demonstrates just how high Wave Systems can be valued on the street. Verisign represents 1/3rd, or even less, of what Wave could do depending on their success.
If WaveXpress, SignOnLine, Embassy, the TAN/TCG server and services (eTMS) all do relatively well, Wave should be valued at more than Verisign.