Although many believe that name is only for namesake; however, in the commercial world, names play an important role when they can make or break a brand. The brand name becomes the identity of the business or product with which most people relate. A lot of big tech companies have renamed their products or even their entire firm name.
Not many would recall, but Instagram was earlier called Burbn.
The famous fast-food chain Dunkin Donuts renamed itself to Dunkin to showcase its wide menu, which was earlier seemingly limited to donuts as showcased through its name. PepsiCo is one of the most popular soft drink makers. However, few know that it was earlier called Brad’s Drink. Google, the name synonymous to searching on the web was earlier called BackRub, as it was primarily involved in link back website data.
A name change is not a new concept when it comes to tech giants, Rackspace just followed suit and changed its name to Rackspace Technology.
Rackspace Changes The Name to Rackspace Technology
Earlier it has used names like Rackspace.com, Rackspace Managed Hosting, and Rackspace Hosting and even went by removing all the following words and simply used Rackspace in the company’s name.
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Change in Company focus
The company is now focusing on its new solutions, which are based on multi-cloud systems. The four key areas include cloud security, optimization, data modernization, and cloud-native enablement. The changed name is a reflective annotation of the company’s focus on state-of-the-art cloud offerings.
Transition due to acquisitions and partnerships
The transition is also attributed to several partnerships and acquisitions which the company as gone through in years. Rackspace bought Onica in 2019 which provides Amazon Web Services consulting and managed service
Kevin Jones The CEO of Company talked about the name change
“Our technical acumen with the world’s leading cloud technologies — across apps, data, and security — empowers our customers to build new revenue streams, increase efficiency, and create incredible experiences.”
“Our new name, mission, and multi-cloud solutions better represent the full value we bring to market,” he added. “Our mission is simple. Embrace technology. Empower customers. Deliver the future”.
Acquired by Apollo Global Management in 2016
Apollo Global Management acquired Rackspace in 2016 for the deal worth 4.3 billion dollars, after which the company was taken private. Before the acquisition, it seemingly struggled to survive amid the high competition from big names like Google, Amazon, and Microsoft.
The company may go public soon
As per a report from Reuters, the Apollo Global Management registered the company for public offering at an estimated value of around 10 billion dollars. Rackspace can debut in the stock market “as soon as the volatility that has been fueled by the pandemic subsides” as quoted by Reuters.