DZS Named One of The Best-Performing Dallas Tech Stocks in 2020
Author: Geoff Burke, DZS CMO
Date: January 12, 2021
To kick off the new year, Brian Womack at the Dallas Business Journal covered DZS as part of his story, “These were 5 of the best-performing Dallas tech stocks in 2020” with DZS earning the #1 spot alongside an impressive list of other Dallas Metroplex-based companies, including Texas Instruments, Tyler Technologies, Match Group, and RealPage.
2020 was a year that we won’t readily forget. Both service providers and the tech industry as a whole faced enormous challenges early on related to COVID-19 shutdowns, supply chain shortages and global uncertainties. However, as the year progressed, these challenges raised the visibility and importance of broadband and wireless/wireline connectivity as essential services, which also positioned DZS for new levels of growth and opportunity.
Fast forward to August, new CEO Charlie Vogt took the reins, and DZS underwent a rapid transformation to unify the company, bringing in a best-in-class team of industry leadership and accelerating the company’s technology roadmaps around three technology pillars – Mobile Transport, Broadband Access, and Connected Premises complemented by Services and Software Defined Orchestration & Management.
North Texas firms doing well last year included those with ties to telecommunications, Internet services and software.
Even so, not all tech names fared as well, and it was certainly a year of headwinds for many. The economy decreased at an annual rate of 31.7 percent in the second quarter before rebounding in the third period. There were huge shifts in how people worked and lived with challenges around the pandemic that persist today.
This list of five companies is not exhaustive of nearby tech-focused companies as it focuses on names with at least few hundred million in market valuation.
No. 1 — DZS
The company, a provider of technology gear for the telecommunications industry, made its move to the Dallas area last year from the San Francisco Bay area – and saw its stock rise by nearly three-fourths during the period. DZS is getting traction from products for wireless and broadband networking as more folks stay at home amid concerns and restrictions around the pandemic. That’s driving activity around upgrades.
The year also included news that it had a new CEO, Charlie Vogt, who would be working out of the new Plano headquarters. It reported third-quarter results that showed revenue grew by more than 30 percent to over $90 million.
We are proud of gaining this recognition for our progress in 2020, but we at DZS are only just getting started. As we accelerate into 2021, stay tuned for more exciting news!