Silicon Valley company moving HQ to North Texas
Dasan Zhone Solutions (Nasdaq: DZSI), a provider of technology to the telecommunications industry, said Monday it will be shifting its headquarters from Oakland to Plano. The company also will open a new “Engineering Center of Excellence” in Plano.
DZS, which has more than 700 employees, will keep a presence in the Silicon Valley.
With Plano, DZS has the opportunity to reduce operating costs, it said. It also provides good access to customers and software engineers.
DZS is part of the growing march of companies moving their headquarters out of California as many seek lower costs, a more business-friendly climate, and other advantages. The transitions are bringing well-known businesses, such as Charles Schwab and McKesson, while smaller players have shifted as well.
The Dallas region has been attracting interest from the Silicon Valley, according to a recent report from Cushman & Wakefield. Of the larger tech and life sciences companies with headquarters in the San Francisco Bay area, North Texas took 1 million square feet of the 30.4 million in office space taken down since 2010, it said.
“This move marks an important evolution in our company’s history,” said DZS CEO Yung Kim said in a statement. “The Dallas metroplex has a strong pool of world-class engineering talent who are leading innovation in advanced communications technologies.”
The company sells hardware including switches and specializes in network technology with help for 5G, wi-fi, and other areas. It has more than 900 customers, including service providers, in more than 80 countries worldwide.
The new engineering center in Plano will be focused on areas such as 5G and next-generation fiber access, it said. The company, which posted a net loss in its last quarterly report, saw revenue that was little changed. Its market valuation isn’t large, coming in at about $160 million.
Published on 2020-03-16 16:44:19