Digital technology company Comverse has changed its name to Xura and will now trade on Nasdaq under the MESG ticker. With the name change, the company presumably hopes to open a new page, after a history that includes the troubled episode that led to former chairman and CEO Kobi Alexander fleeing to Namibia in 2006, after being indicted in the US for fraud relating to backdating options on the company's shares.
In 2013, Comverse separated from security, surveillance and business intelligence unit Verint Systems Inc. (Nasdaq: VRNT). In April, Comverse sold its billing division to Amdocs Ltd. (NYSE: DOX) for $272 million and transferred much of its digital services to Tech Mahindra in India. In June, Comverse acquired UK secure mobile messaging and engagement services company Acision.
The name change will be linked to major organizational changes in the company, which will affect Xura's Israel workforce.
Xura CEO Philippe Tartavull said, "Our new brand identity reflects the modern and unique outlook the combined Comverse and Acision companies have for the future of digital communications, enabling us to think bigger, reach further and act smarter. We wanted a name that echoed our no boundaries, anything is possible mindset, and Xura provided this through adaptation of the word "Aura," which imparts a sense of powerful, positive feeling all around you, and connotes the freedom to map thoughts and expression, which is what we want to drive with our digital communication services."
Published by Globes [online], Israel business news - www.globes-online.com - on September 9, 2015
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