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Wallach was the co-founder and CTO of Convey Computers. After Micron Technology bought Convey, Wallach became a design director. Wallach was previously Vice President of technology for Chiaro Networks and was co-founder of Convex Computer, their Chief Technology Officer and Senior V.P. of Development. After Hewlett-Packard bought Convex, Wallach became the chief technology officer of Hewlett-Packard's large systems group. He was also a visiting professor at Rice University from 1998-1999. Prior to Convex, he was manager of Advanced Development for Data General. His efforts on the MV/8000 are chronicled in Tracy Kidder's Pulitzer Prize winner The Soul of a New Machine. Prior to that, he was an engineer at Raytheon, where he worked on the All Applications Digital Computer (AADC). Wallach has 40 patents and is a member of the National Academy of Engineering, an IEEE Fellow and was a founding member of PITAC (The Presidential Information Technology Advisory Committee).
He is currently an adviser to Centerpoint Venture partners, Sevin Rosen Funds, and Interwest, and a consultant to the United States Department of Energy Advanced Scientific Computing (ASC) program at Los Alamos National Laboratory.
Wallach was awarded the 2008 Seymour Cray Computer Science and Engineering Award for his "contribution to high-performance computing through design of innovative vector and parallel computing systems, notably the Convex mini-supercomputer series, a distinguished industrial career and acts of public service." In 2002 he received the IEEE Computer Society Charles Babbage Award.
- "Steve Wallach - IEEE Computer Society". IEEE Computer Society.
- Kidder, Tracy. The Soul of a New Machine. Back Bay Books, 2000. ISBN 0-316-49197-7
- Mark Smotherman. "CPSC 330 / DG Eagle MV/8000 / The Soul of a New Machine".