No-one wants their company to be associated with a euro zone near-catastrophe and so a company based in Silicon Valley has decided to ditch its name: Grexit.
The U.S. company, which enables Gmail users to share and sync email conversations and labels, is rebranding itself as Hiver, the software company said on its regular blog.
The company said it had chosen the name "GrexIt" back in 2011, but was now re-branding to Hiver due to "extraneous circumstances - totally out of our control."
"Grex, in Latin, means crowd or flock. Back in 2011, when we were starting work on our new product which would help teams collaborate better on email, GrexIt seemed to be an excellent name," the company said in a blog post.
"(But) back in 2012, some consultants at CitiGroup decided to use the term GrexIt to refer to the likely phenomenon of Greece's exit from the euro zone."
Since 2012 Grexit became increasingly entrenched in the lexicon of global economics and, over this summer, seemed more probable than ever when negotiations between Greece and its lenders over more financial aid reached crisis point.
Although the company said "Grexit" gave them a bump in traffic to the company's website, it also increased their "bounce rate" – the number of people who view only one page of a website before navigating away from that site. "We learnt to live with it, and factored it into how we analyzed our traffic," the company said.
"Nothing prepared us for what happened earlier this year (2015). Greece came very close to defaulting on its debt, and for a moment 'Grexit' looked imminent. Though it did not happen (and we strongly believe it never will), we decided it's time to change our name."While GrexIt, based in Palo Alto couldn't be much further from Greece in the Mediterranean if it tried, this summer's crisis situation and its negative connotations was the last straw.
"With the term becoming more popular, we had a great deal of people getting confused about what we do. (And) the term GrexIt has a clearly negative connotation. We don't want our product to be associated to a term that is looked upon negatively."