Sielox Goes Private Following Management Buyout
Sielox LLC, Runnemede, N.J., a provider of access control solutions since 1979, was acquired through a management buyout with additional funding secured from a group of seasoned private investors. Sielox will become a private company under the new management structure. The executive management team is led by Karen Evans as the company’s president and chief executive officer. Terms of the deal were not disclosed.
Sielox’s new investors include Richard Hoel and a group of established security technology investors. Sielox’s customer base, business partner channel and technology pipeline were cited as deciding factors in the acquisition, as well as the existence of valuable synergies between Sielox and the existing portfolio of companies.
“This investment in Sielox is a validation of the quality, sustainability and marketability of the solutions we have developed over the years. Becoming a private entity will allow us to allocate more funds into product development and fast track them for delivery to our business partner channel. We are committed to building our sales and business partner channel to ensure our continued success,” Karen Evans said.
As part of its sales strategy, Sielox continues to offer Costar Video Products through its business partner channel and is committed to maintaining and growing its relationship with Costar. The combination of access control and video surveillance products will continue to offer business partners and end users a complete integrated security solution.
“With the increased emphasis on security in the business climate today, we saw an opportunity to invest in an established company with access control products that are fully integrated with video surveillance products for the security market. We are pleased to have Karen Evans as one of the equity owners and to have Sielox LLC as part of our portfolio of companies,” said Richard Hoel, one of the financial backers of the acquisition.
Sielox continues to operate out of its headquarters location in Runnemede, N. J.