ITG Group plans to change its name to Alphyra Group, saying its current name - which stands for Independent Telecoms Group - does not represent the company's current business.
ITG says it wants to integrate all of its electronic transaction operations across Europe within a single branded structure, which it says is not possible for statutory reasons under the current name.
All of the subsidiaries in the electronic transactions business, which now operates in six countries, will adopt the new name, but the voice and data division, which operates mainly in Ireland, will continue to trade under the ITG brand.
The company has indicated that it plans to separate the Irish voice and data business from the electronic transactions division. Earlier this year, chief executive John Nagle said the options being considered were a trade sale or a demerger into a separate listed company.
Today, Mr Nagle said the new brand 'brings further clarity to our strategy and is a perfect fit for our dynamic and fast expanding business'.
