Merrill Corp., a company based in Minneapolis, has recently changed its name to Datasite, reflecting a shift that it has made in recent years to virtual data room services. It has spent the majority of the past few years moving away from its traditional approach to business through printing, rebranding itself as a virtual data room that can help those that are experiencing acquisitions or mergers.
Merrill Corp. officially changed its name to Datasite on Tuesday, in an attempt to reflect its main product that shares the name. This type of software means that professionals can share documents and collaborate with one another through an online location that is secure.
It’s Been a Five-Year Journey
Rusty Wiley, Datasite’s CEO, says that it has been a five-year journey, and changing the name is the final step in that journey. Over the past five years, the company has built a data platform that will be completely supported by SaaS technology. This means that it will hold secure collaboration services while also getting rid of its conventional printing and financial businesses.
Wiley says that they knew they were eventually going to change the name at some point. In fact, they had thought about it three years ago. However, the brand wasn’t completely transitioned then, and they didn’t want to have a brand name that didn’t align with the current stage of development. Wiley continued by saying that they had to make sure they got rid of all the business factors that were associated with the old model first.
Datasite and the Coronavirus Pandemic
Interestingly, the coronavirus pandemic has had them rethinking changing the name at this time. They went back and forth about whether they should still go through with it. However, when you put so much into a new brand, pressing pause on it can have negative consequences. Wiley says that the majority of their current clients who use the software know them already as Datasite.
Datasite has also moved to the Baker Center, where they now have almost 400 employees. This includes finance and accounting teams, services teams, and of course, product development teams, too. Datasite is now spread out across 13 different countries, with 750 employees in total. Currently, they are all working from home as most regions in the world have been told to self-isolate.
While the move to work from home was a lot easier than other companies due to the nature of the product, it still wasn’t ideal. Because everybody has a different work from home environment, Wiley did expect to come across some bumps but imagined that it would all be smoothed out before too long.
Keeping Business Safe from Insider Threats
When a company or a business is completely remote and relies in a big way on largely developed software to obtain maximum production every day, the risk of both internal and external threats can be higher than usual. In fact, making sure that the software is safe from all different types of risk is a full-time job in itself. Luckily, insider threat monitoring software is a great option to make the transition of a business to being virtual as smooth and as straightforward as possible.