Companies generally love seeing their names in headlines, but for mobile wallet app maker Isis, the horrifying recent news out of Iraq has forced the company to rebrand. Isis will change its name to avoid association with the group Islamic State in Iraq and al-Sham, a Sunni militant group known as ISIS that has waged a violent campaign across Iraq. The militant group has more recently referred to itself as the Islamic State.
"However coincidental, 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 CEO Michael Abbott wrote in a blog post Monday. Abbott did not say which new names the company may be considering, but he promised to share details as "our journey progresses." The app was founded by AT&T, T-Mobile and Verizon -- and works with cards from major providers like American Express and Chase -- yet has failed to gain traction in the crowded mobile wallet market.
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-- Julianne Pepitone