Management, Investors Buy Out Doelz Networks
Doelz Networks Inc., an Irvine manufacturer of computer networks, said Wednesday that it has been bought by its management and a group of European investors for an undisclosed sum.
A management group led by founder Melvin L. Doelz has teamed up with BIM, a Belgian computer company, and a European investment group to purchase Doelz Networks. The company’s name has been changed to Doelz Inc.
The purchase comes 2 months after the failure of Doelz’s proposed merger with Alpha Microsystems, a Santa Ana computer maker.
Top management at Doelz will remain in place, with some changes in job titles. Melvin Doelz will remain as chairman and chief scientist of the firm. Anthony Dominicis, former chief financial officer, will become president and chief executive. Charles Walker, Robert MacDonald, C. Alan Williams and James Ream will serve as vice presidents.
Founded in 1979, Doelz produces so-called wide-area networks that allow computers and other office equipment to communicate over telephone lines between distant sites. For example, Seafirst National Bank in Seattle uses Doelz products to link computers at its branch offices throughout Washington, Walker said.
A Doelz official declined to provide financial data for the company, except to say that annual revenue ranges from $10 million to $20 million.
Melvin Doelz said BIM would contribute to Doelz certain technical expertise--especially in the field of artificial intelligence--and should help the company increase sales in Europe.
BIM is a “systems integrator” that takes various computer hardware and software products manufactured by other companies and markets them to specific customers.
BIM and the other European investors, whom Doelz would not identify, will hold a majority interest in the new company.