Isis, the helpful app, links a credit card to a smartphone so users can pay for in-store purchases with a swipe. Isis, the al Qaeda offshoot, conquers territory in Iraq and Syria, stages massacrers, and publishes videos of beheaded American journalists. Of all the pain wrought by the more infamous Isis, headaches for the makers of an app rate extremely low. But it's a real problem for the startup, which on Wednesday announced a change of its name from Isis to Softwallet.
'We have no interest in sharing a name with a group whose name has become synonymous with violence and our hearts go out to those who are suffering,' Isis Chief Executive Michael Abbott said back in July when the company first decided to rebrand but hadn't yet picked a new name. The payment service was already struggling to keep up with competitors like Google Wallet, Paypal, and Venmo. A link to a terrorist organization wasn't helping.
Companies have a long history of rebranding to distance themselves from bad reputations-only in most cases the legacy of trouble is self-generated. Arthur Andersen spent the decade after its role in the collapse of Enron doing business as WTAS LLC, only reviving a version of the old name, AndersenTax, just this week. A year after the 1996 plane crash that killed 110 people died, ValuJet became AirTran. Blackwater has tired to create distance from his its controversial work in Iraq under the new name Xe, and tobacco giant Phillip Morris dubbed itself Altria in 2003.
Even terror groups struggle with their own damaged brands. Osama bin Laden briefly considered renaming al Qaeda after the group appeared to lose popular support among Muslims. And Isis itself has now adopted the name Islamic State, although there's no indication it was seeking to shake a bad reputation by doing so.
There are far fewer examples of organizations seeking a name change because of actions taken by others, although it's not unprecedented. The National Speakers Association recently tried to change its name to avoid confusion with another NSA: the National Security Agency. Unfortunately, the speaking group picked a new name that was already taken so it switched back. The radio-controlled airplane maker known as Hobby Lobby International sold its name and rebranded itself after Hobby Lobby, the craft-store chain, filed a lawsuit over the Affordable Care Act's birth control mandate for employers.
Not everyone is wary of confusion. Who would mistake a biomedical company known for its work on genetic diseases with a religious terrorist group? Isis Pharmaceuticals, a 25-year-old drug company trading under the ticker symbol ISIS, has no plans to change its name any time soon.
'It is, of course, an unfortunate twist of fate that an al Qaeda offshoot is referred to by an acronym that matches our company name....[but] our company name is not associated with a retail consumer market,' Amy Blackley, a spokeswoman for Isis, wrote in an email. Since Isis Pharmaceuticals sell drugs to hospitals and doctors, the company sees less risk from brand confusion. 'Physicians and medical staff we work with know us very well,' Blackley added, 'and are not confused by the recent news regarding the terrorist group in Iraq.'
Entities 0 Name: Isis Count: 8 1 Name: Iraq Count: 3 2 Name: Isis Pharmaceuticals Count: 2 3 Name: Google Wallet Count: 1 4 Name: Altria Count: 1 5 Name: Michael Abbott Count: 1 6 Name: Blackwater Count: 1 7 Name: Blackley Count: 1 8 Name: WTAS LLC Count: 1 9 Name: Amy Blackley Count: 1 10 Name: Paypal Count: 1 11 Name: National Security Agency Count: 1 12 Name: Enron Count: 1 13 Name: National Speakers Association Count: 1 14 Name: al Qaeda Count: 1 15 Name: Phillip Morris Count: 1 16 Name: American Count: 1 17 Name: Syria Count: 1 18 Name: Arthur Andersen Count: 1 19 Name: ValuJet Count: 1 20 Name: Qaeda Count: 1 21 Name: Islamic State Count: 1 22 Name: Osama bin Laden Count: 1 23 Name: AirTran Count: 1 Related 0 Url: http://ift.tt/1rmNokS Title: Isis Mobile Wallet Rebrands To Softcard To Distance From Miltant Terror Group Description: Isis, the mobile wallet platform backed by AT&T, T-Mobile and Verizon, is rebranding. "In a few weeks, Isis Wallet will become Softcard. It's a different name for the same great way to pay," the company notes on its homepage.
