Brea-based Netlock Technologies Inc., which grew out of Hughes Aircraft Co. and relies on technology developed for the National Security Agency, has hired a new head with plans to expand the network security company.
Selwyn H. Joffe, Netlock’s new chief executive and president, is expected to oversee an employee expansion at the 100-person company.
“We plan to quadruple that within the year,” he said.
The company recently purchased a 58,000-square-foot building in Brea. Netlock also is looking for funding and expects to make an announcement within a month, Joffe said.
Joffe is best known as the former chief executive and president at Wolfgang Puck Food Co. and as a founder of the Irvine-based Palace Entertainment Co.
The former restaurateur said he decided to move into technology after an executive search firm approached him. Joffe said that when he looked into Netlock, he realized, “If I were running any other type of company, I’d buy this product.”
Privately-held Netlock offers security software and services to help companies keep network communications safe.
The company’s software, Netlock 3.0, originally was developed in the early 1990s when the National Security Agency contracted with Hughes for a network security system to run as a backup in case of a catastrophe in the military’s network.
Hughes eventually decided a non-military contractor could better develop the technology and in 1997 sold the software rights to Interlink Computer Sciences Inc. That company also recruited some of the Hughes development team.
When Interlink decided the software didn’t match its company’s direction, it sold the software to a management team. The company was originally called NL Acquisition Corp. but later was renamed Netlock Technologies. (Prior to the completion of the divestiture of NTI, Sterling Software, now part of Computer Associates International Inc., acquired Interlink, but decided to let the divestiture continue.)
In December 1999, Hikari Tsushin Capital of Singapore provided funding and Netlock Holding Pte., a holding company, was set up in Singapore. Netlock granted an exclusive distributorship through Netlock Technologies Japan, a newly formed Japanese company.
The company said about $30 million has been spent on the development of its product during the past seven years. Netlock 3.0 was released in June and the company plans to inaugurate it at the Comdex trade show next month in Las Vegas.
Joffe replaces Paul Naruse, who will remain as chairman of the board.
“Selwyn Joffe’s ability to execute on company strategies and position enterprises for success is critical to Netlock Technologies,” Naruse said. “He is a visionary who brings with him a vast experience in the financial and marketing arena. He has the leadership to develop companies as successful enterprises.”
When Joffe was at Wolfgang Puck, he was responsible for the growth of its two core businesses, packaged food products and restaurants and food service. Joffe restructured the company and helped the raise more than $30 million in capital.
Joffe also helped found Palace Entertainment, an amusement park company that owns or operates 27 amusement facilities around the U.S, including Palace Park in Irvine and Family Fun Centers in Anaheim and Fountain Valley. He raised $150 million for the 2,500-employee company. Joffe also is chairman of the Board for Motorcar Parts and Accessories, a re-manufacturer of alternators and starters, with sales in excess of $200 million. n
