Boston, MA 04/17/2014 (wallstreetpr) – Wave Systems Corp. (NASDAQ:WAVX) was on a reversal yesterday after it rallied over 38% on following an announcement of its extended partnership with Micron Technology, Inc. (NASDAQ:MU), aimed at securing connected devices from emerging threats. On Wednesday, the shares of the company settled at $1.34, recording over 4% decline.
Growing Connectivity Poses Growing Threat
Wave Systems, which is known as a leader in endpoint security solutions made a press release stating that it has teamed up with Micron Technology, Inc. (NASDAQ:MU), a semiconductor maker to design solutions to safeguard connected devices from imminent threats. In current times, when developments in cloud computing and data has led to higher connectivity, there is also a surging threat to the connected devices, which needs to be protected through a comprehensive solution. Therefore, the two companies have joined forces to ascertain the risk and its quantum and then design a complete remedy to it.
According to Greenview data, in the year 2013, security gaps from cell phones, tablets and other movable devices accounted for 1.5 million. Moreover, 37% of the security breaches belong to an unspecified number of records, which implies that the actual number could be over 2 million.
Extension Of Existing Project
Following the announcement of this partnership, Wave Systems Corp. (NASDAQ:WAVX)’s CEO Bill Solms stated that their team members are pleased to work in collaboration with Micron, so as to help it attain its objective to cultivate solutions to deal with both hardware and software threats. Contrasting to other vendors, Wave adopts data protection through instilling it in the hardware rather than layering it up in softwares.
Wave Systems Corp. (NASDAQ:WAVX) and Micron Technology, Inc. (NASDAQ:MU) already have been involved in one of the projects related to Micron’s SSD drives and thus, a further extension appears to benefit both of them in the future. The two companies intend to secure data at large corporates and the state and federal governments, through the new methodology.
