If you're looking for Afterpay Touch Group on the ASX boards today you'll be looking for a while.
This morning the fast-growing payments company completed the change of its business name to Afterpay Limited (ASX: APT).
This follows shareholder approval at the 2019 Annual General Meeting last month.
Why did Afterpay change its name?
The company believes that changing its name to Afterpay Limited best aligns with its existing brand presence in the global market.
Afterpay Touch Group was listed on the ASX in 2017 following the merger of Afterpay Holdings Limited and Touchcorp Limited.
Since then, the Afterpay business has grown substantially and expanded internationally, including its successful expansion into the U.S. market. This has led to the Afterpay business becoming the predominant brand of the company.
Independent Interim Chair, Elana Rubin, explained: "Your directors believe the Company should have a name that resonates with customers and is reflective of its existing strong brand presence in the market, and that a name change is in the best interest of the business."
Rubin went onto explain that the name change was proposed as Afterpay continues to execute its "strategic focus on global merchant and customer growth, platform innovation and scaling our global infrastructure given an increased appreciation of the size of our global market opportunity and confidence in our differentiated value proposition."
"The change of name applies to the listed parent company only. Our "pay now" businesses will continue to operate under their existing names and branding. The Group's Australian operating subsidiary, Afterpay Pty Ltd, will change its name prior to the change of the Company's name to Afterpay Limited," concluded Rubin.
Other name changes.
Afterpay isn't the only company that has changed its name this year. Worley Ltd (ASX: WOR) dropped the "Parsons" from its name and Ausdrill changed its name completely to Perenti Global Ltd (ASX: PRN).
