SOURCE: Wave Systems Corp.

Wave Systems Corp.

November 23, 2009 08:36 ET

Deloitte's 2009 Technology Fast 500[TM] Ranks Wave as 50th Fastest Growing Company in North America

LEE, MA--(Marketwire - November 23, 2009) - Wave Systems Corp. (NASDAQ: WAVX) today announced that it ranked number 50 on Deloitte's 2009 Technology Fast 500[TM], a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. In 2008 Wave ranked number 74 on Deloitte's Technology Fast 500[TM]. Rankings for 2009 are based on percentage of fiscal year revenue growth over five years, from 2004-2008. Wave's revenue grew 4,115% during this period.

Wave's President and CEO, Steven K. Sprague, attributed the five-year revenue growth to increased sales of its hardware-based endpoint security solutions. Wave also benefited from the steadfast support of its partners including Acer, Dell, Intel, and Seagate Technology.

"We believe that Wave's placement on Deloitte's Technology Fast 500[TM] for the second year in a row reflects growing global awareness and support for hardware security solutions," Sprague said. "I'd like to thank our valued partners for their support in helping Wave achieve this recognition."

"Technology Fast 500[TM] recognizes innovative companies that have broken down barriers to success and defied the odds with their remarkable five-year revenue growth," said Phil Asmundson, Vice Chairman and U.S. Technology and Telecommunications leader, Deloitte LLP. "We congratulate Wave on this accomplishment."

"With its impressive five-year growth, Wave has earned its position among the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America," said Mark Jensen, Managing Partner, Technology and Venture Capital Services, Deloitte & Touche LLP. "Deloitte is proud to honor Wave for its achievement."

Overall, the Technology Fast 500[TM] for 2009 had growth rates ranging from 212 to 146,050 percent over five years, with an average growth rate of 2,486 percent.

Technology Fast 500[TM] Selection and Qualifying

Technology Fast 500[TM] provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. This ranking is compiled from nominations submitted directly to the Technology Fast 500[TM] website, and public company database research conducted by Deloitte. Technology Fast 500[TM] award winners for 2009 are selected based on percentage fiscal year revenue growth during the five-year period from 2004 to 2008.

In order to be eligible for Technology Fast 500[TM] recognition, companies must own proprietary intellectual property or proprietary technology that contributes to a significant portion of the company's operating revenues. Using other companies' technology or intellectual property in a unique way does not satisfy this requirement. Consulting companies, professional services firms, etc. are not eligible unless they have proprietary technology that contributes to a significant portion of their operating revenues.

Technology Fast 500[TM] award eligibility requirements also include base-year operating revenues of at least $50,000 USD or CD, and current-year operating revenues of at least $5 million USD or CD. These revenues must have more than doubled between 2004 and 2008. Additionally, companies must be in business for a minimum of five years, and be headquartered within North America.

About Wave Systems Corp.

Wave provides software to help solve critical enterprise PC security challenges such as strong authentication, data protection, network access control and the management of these enterprise functions. Wave is a pioneer in hardware-based PC security and a founding member of the Trusted Computing Group (TCG), a consortium of more than 100 companies that forged open standards for hardware security. Wave's EMBASSY® line of client- and server-side software leverages and manages the security functions of the TCG's industry standard hardware security chip, the Trusted Platform Module (TPM) and supports the TCG's "Opal" self-encrypting drive standard. Self-encrypting drives are a growing segment of the data protection market, offering increased security and better performance than many existing software-based encryption solutions. TPMs are included on an estimated 300 million PCs and are standard equipment on many enterprise-class PCs shipping today. Using TPMs and Wave software, enterprises can substantially and cost-effectively strengthen their current security solutions. For more information about Wave and its solutions, visit http://www.wave.com.

About Deloitte

As used in this document, "Deloitte" means Deloitte LLP. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.

Safe Harbor for Forward-Looking Statements

Except for the statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to fund operations, the ability to forge partnerships required for deployment, changes in consumer and corporate buying habits, chip development and production, the rapid pace of change in the technology industry and other factors over which Wave Systems Corp. has little or no control. Wave Systems assumes no obligation to publicly update or revise any forward-looking statements.

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