Dropping Names: A CEO's POV on Renaming a Company

Posted by Greg Cote on March 11, 2018

by Greg Cote, Co-founder and CEO, Accelitas

This month the identity intelligence company I co-founded in 2004 changed its name from Dragnet Solutions to Accelitas. This change has been a long time coming, and reflects significant changes in the needs of our customers, our business, and the technology platform it’s built on.

Accelitas Logo w-tagline.jpg

I’d like to take a few minutes of your time to explain how we got here.

Dropping the Dragnet Solutions name was not an easy decision for me. I’ve always thought it was a cool name for a tech start-up, and for a while at least, it accurately described what our company’s fledgling identity verification technology was all about: helping financial institutions catch the bad guys trying to do harm with fraudulent digital IDs.

But as the digital economy has grown in scale and complexity, so have the identity needs of our customers in industries ranging from financial services and insurance to retail and healthcare. Thriving in any of those markets today is not just about keeping out the bad guys. It’s about finding more good guys, and then making it easier and faster for them to become customers.

And as our customers’ needs have changed, so too has our technology. The Accelerated Insight platform we have spent fifteen years perfecting increases identity intelligence by leveraging data analytics and machine learning to deliver predictive insights to our customers. It’s these insights that are the secret sauce that allows companies to grant fair, fast and frictionless access to more customers.

This is the sort of game-changing innovation on our technology’s part that led to the name-changing decision on my part. As much I’ve always loved the Dragnet name, it no longer accurately describes what my team and our technology is bringing to the identity verification party.

But making the difficult decision to change our name was just the beginning. It turns out inventing a new business platform is child’s play compared to finding a decent name that hasn’t already been claimed by someone else. So we unleashed our spirit of invention on something new: our name.

Yes, Accelitas is an invented name, but it’s an invention that truly reflects the marriage of speed and accuracy that our Accelerated Insights platform brings to our customers’ digital account opening practices. It combines the Latin acceleratio (acceleration) with veritas (truth), and it’s close to aequitas, which means equity or fairness.

Accelerated truth, delivered fairly.

It all adds up to Accelitas.

It may take some getting used to, but for an emerging Fintech player in the identity intelligence space, I like to think it’s perfect.

Tags: Accelitas, Identity Intelligence