Wave Systems announced a $3.5 million agreement with BASF SE to provide the leading chemical company with Wave's EMBASSY client server software and maintenance services for its new global fleet of personal computers.
BASF, based in Ludwigshafen, Germany, ordered both software licences and accompanying maintenance agreements for Wave's flagship EMBASSY Remote Administration Server (ERAS).
ERAS gives IT the power to turn on each self-encrypting drive (SED) in seconds (as opposed to up to several hours per PC with software-based encryption), set security policies and provide detailed event logs to demonstrate that the data was fully encrypted if a laptop goes missing.
The order involves tens of thousands of ERAS licenses, maintenance orders for 2011 and additional maintenance orders for all of 2012. Wave anticipates fulfilling the order in the second calendar quarter and expects to record approximately $2.8 million of license sales and this year's maintenance as revenue rateably over the remainder of 2011, with 2012 maintenance of approximately $700,000 to be recognised over the full year of 2012.
