Lee, MA —November 23, 2009— Wave Systems Corp. (NASDAQ:WAVX) today announced that it ranked number 50 on Deloitte’s 2009 Technology Fast 500TM, 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 500TM. 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 500TM 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 500TM 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 500TM 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 500TM 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 500TM website, and public company database research conducted by Deloitte. Technology Fast 500TM 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 500TM 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 500TM 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.