The way I read it Wave developed a module that sits on top of AD. I am of the opinion that this module represents an important element of Wave's IP. I don't think this is going to be subsumed by Mocrosoft "just like that"...
Wave’s Key Transfer Manager (KTM) provides for archive and recovery of supported TPM keys, certificates, and passwords using automated capabilities to absolve the user of the responsibility of remember to “back up keys”. KTM makes a complex issue easy to administer and allows a business to ensure recovery of TPM-secured intellectual property assets. The KTM product includes client, middleware, and optional server software.. This application supports all TPM-enabled platforms.
KTM Enterprise Server AD is a server software product for securely storing and/or migrating protected keys from one TPM-enabled system to another according to an enterprise’s security policies. Integration with Microsoft Active Directory benefits IT administrators by incorporating Active Directory policy, grouping, and authentication functions and by providing a consistent management interface. KTM Enterprise Server AD offers advantages beyond currently available solutions by giving the user and IT manager an uncomplicated way to ensure compliance and protection. By allowing IT administrators to have control over the backup and the security of the data, the business is satisfied that its TPM-secured intellectual property assets are secure and recoverable. For server-based key management, KTM Enterprise Server AD provides the capabilities that an enterprise requires. <<<
Also, just for fun, scroll through the "Software Solutions" portion of the document. Wave has software in 7 of the 8 categories.
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