As I posted earlier, x86 devices will feature a hardware TPM. There is no other possibility.
ARM processor based devices will have a software instantiation of the MTM/TPM within TrustZone.
Like in the PC space where we have different suppliers of TPMs the MTM is supplied by TrustedLogic in the ARM processor based devices.
Economically speaking, in both cases Wave does not provide the TPM/MTM. Wave builds tools to manage these TPMs/MTMs. Wave also builds applications (i.e. WEM) that leverage the MTM/TPM.
The "geographical" situation on x86 and ARM based is the same.
TrustedLogic gets paid for the MTM like Atmel or Broadcomm or Infineon gets paid for their TPMs on the motherboards.
The Wave client software works basically in the same way on ARM devices and on x86 devices.
A computer is a computer...
But I am interested in the next step... the applet dance! And here we might very well see a deeper integration between Wave and ARM/G&D/TL as time goes on... but this is an other subject.