Good Bye Google? Search, Tech Giants Rebrands, Changes Name To 'Alphabet'

World search and technology giants Google has announced that it is to become a new company called Alphabet. Not to worry, the popular search engine will still be known as it is-Google.

According to the company, the decision to rebrand and change its  name is to make the company cleaner and accountable.

“Our company is operating well today, but we think we can make it cleaner and more accountable. So we are creating a new company, called Alphabet,” wrote Google co-founder and current CEO Larry Page in a post on the official Google blog. 

‘This new structure will allow us to keep tremendous focus on the extraordinary opportunities we have inside of Google,’ Page added.

While Google Inc owns many companies (of which the search engine and of course Youtube are amongst the largest), they have decided to ‘restructure’ and  separate its web companies from its research and investment divisions.

The company will continue to operate as Google in most of the important ways, including the search engine that made it one of the world's biggest companies. But it will operate a holding company named 'Alphabet' Inc, which will be the holding company for the company's non-web divisions and subsidiaries.

Page will become CEO of Alphabet and co-founder Sergey Brin will become president. 

“What is Alphabet? Alphabet is mostly a collection of companies. The largest of which, of course, is Google. This newer Google is a bit slimmed down, with the companies that are pretty far afield of our main Internet products contained in Alphabet instead.” The goal it seems it to run more nimbly as a collection of smaller companies rather than one behemoth of only loosely related things, according to the blog post.

Why Alphabet? Page went on to explain: 

For Sergey and me this is a very exciting new chapter in the life of Google — the birth of Alphabet. We liked the name Alphabet because it means a collection of letters that represent language, one of humanity’s most important innovations, and is the core of how we index with Google search! We also like that it means alpha-bet (Alpha is investment return above benchmark), which we strive for! I should add that we are not intending for this to be a big consumer brand with related products–the whole point is that Alphabet companies should have independence and develop their own brands.”

The change seems to be a good thing, as shares in Google rose as much as 5.8 per cent after the Alphabet announcement.

Google to Alphabet, what are your thoughts?