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Wave Systems Breaking Out or Down?

Beyond that, Sprague is targeting other practical uses of Wave Systems' technology, like in the health care industry.

"The probability is that all of the machines in the health care industry have a common device for authentication in the box. But it has still yet to be turned on," Sprague says. "It's in the early stages of awareness and there are great advocates of its use, like the U.S. government."

But for now, Sprague is delighted that the emerging market of hardware-based digital security has gotten big enough and strong enough to fund the development of the technology in the market itself. As the lone company to support both trusted platform modules and self-encrypting drives, Sprague says Wave Systems is the main beneficiary of greater awareness of the technology.

"The need for data-protection and network access and the performance of solutions have become very clearly understood," he says. "Security is now something you can buy that's built-in, and it is emerging as an interesting solution. Don't staple on security afterwards. Don't tape an airbag to your steering wheel. Buy it built in."

-- Written by Robert Holmes in Boston.

Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.

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