Lee, MA
October 2, 2014

Wave Systems Corp. (NASDAQ: WAVX) marked an important sales milestone by announcing the first U.S. federal government customer for its Virtual Smart Card 2.0. 

Since the Virtual Smart Card 2.0 became commercially available in late July 2014, Wave has entered into dozens of pilot deployments in multiple sectors, including healthcare, financial services, automotive, energy and utilities.  However, today’s announcement marks the product’s first sale in the government sector.

“This is an important milestone for Wave,” said Bill Solms, CEO of Wave. “Wave Virtual Smart Card 2.0 has been purchased by a government agency with significant security requirements and one that requires redundant means of system authentication due to national security interests. This initial sale is modest compared to the addressable market within the Federal Government sector, but it is important to our strategy for marketing the Virtual Smart Card to address critical government infrastructure defense.”

“We believe that this sale, which was completed on a shorter sales cycle than we had anticipated, supports our view that customers are interested in the type of cyber security solution that Wave’s Virtual Smart Card 2.0 provides,” Solms added.

Wave Virtual Smart Card 2.0 is the industry’s only enterprise-grade virtual smart card management solution that works on Windows 7. It also supports Windows 8 and 8.1. Wave’s new solution emulates the functionality of physical smart cards or tokens, but offers greater convenience to users, lower total cost of ownership, and a reduced risk of unauthorized use.

Wave Virtual Smart Card 2.0 gives IT the ability to:

  • Remotely create and delete virtual smart cards
  • Provide help desk-assisted recovery
  • Configure PIN and card policies
  • View the status of virtual smart cards and enrolled certificates
  • Generate reports for compliance
  • Support virtual smart cards on laptops, tablets and desktops with TPM 1.2 or TPM 2.0

For more information about Wave Virtual Smart Card 2.0, visit: https://www.wave.com/products/wave-virtual-smart-card

For more information please contact:

Wave Contact:
Walter A. Shephard, CFO
Wave Systems Corp.
413-243-1600
investors@wave.com

Investor Relations:
David Collins, Eric Lentini
Catalyst Global LLC
212-924-9800 office / 917-734-0339 mobile
wavx@catalyst-ir.com