Google surprises public with a reformation of its company by making a new umbrella corporation by the name of Alphabet Inc.
The tech giant has detached their main web services from the multiple non-internet based divisions formerly handled by the company and has created a conglomerate that will represent them as one single body with a better sense of management, Wired reported.
The new parent corporation, Alphabet, is an assembly of corporations that are completely independent on each other, working on their own separate projects, while being represented as one.
Google will retain its namesake and will continue developing their web-based services; its search engine, Search, Google Maps, the video sharing site, Youtube, Google Apps and the Play Store, their ad provider, Google Ads, and the mobile operating system, Android.
The different divisions of Google that are now independent under Alphabet include; X lab, a research hub that helps in the development of unorthodox products such as, self-piloting vehicles and drone couriers; Fiber, an ultra-high speed internet service provider that is only available in North America as of now; Calico, which concentrates on biotechnologies; Nest, a smart home appliance developer; and Ventures and Capital, a kickstarter program for early investing.
The role of CEO for Google has been handed down to former Vice President Sundar Pichai with Google co-founders, Larry Page and Sergey Bin, as the new Chief Executive and President of Alphabet, respectively, according to BBC.
According to an interview with Page, the name of the new holding company originates from two ideals, the term Alpha-bet meaning a high return in investment and the language which is the basis of how Search works.
Google has acquired the domain name, abc.xyz, as the preliminary site for Alphabet, which took acclaim from social media because of the letters being the first and the last 3 letters of the English alphabet.