Doma, Dell/Seagate/Wave just moved beyond the one entry SED model late last year when the economy nosedived. Prior to that, IT managers, just like OEMs, weren't comfortable with dependency on a new technology with (very) limited availability. It was naive of course for Wave and their two partners to have thought otherwise, no matter how hot of a reception they expected from introduction of the first SED model.
Now however, with the economy still precarious but appearing to hoist itself from the precipice, and with a growing compliment of available SED drives, I believe we'll see Wave's upgrade numbers improve more and more each quarter. And the more SEDs proliferate in the market and become the client-side encryption standard, the more rapidly Wave's upgrade ramp should occur.
Sometimes logic can be preferable to nonproductive gloom.