Further to the Company's announcements of 1 March and 17 May 2022, the change of the Company's name from The Vitec Group plc to Videndum plc became effective on 23 May, 2022. The Company's change of name and change of Tradable Instrument Display Mnemonic ("TIDM") from VTC to VID became effective on the Official List of the FCA and the Main Market of the London Stock Exchange on 24 May, 2022.
This change of name helps to differentiate us from other companies around the world who also operated under the Vitec name, and it was also necessary to avoid financial penalties under a now-settled dispute with a third party with deemed prior rights to the Vitec name in various territories.
Building on the structural change and growth in our end markets, and our leading market positions, we are using this opportunity to refresh and reframe our brand. A Latin noun, Videndum means "That which must be seen" or "A must see" and better reflects our purpose and opportunity in the multiple market segments of the exciting and growing content creation market in which we operate. The rebranding roll-out process for the new name and associated visual identity begins today and will progress through 2022 and early 2023.
Also, from 23 May, 2022, our Imaging Solutions Division changed its name to "Media Solutions". As the Division has grown its portfolio to include audio under the JOBY, Rycote and Audix brands, the new name better represents its customer base and the exciting opportunities ahead.
Stephen Bird, Chief Executive of Videndum plc, said:
"More than just a name change, Videndum better reflects our purpose and opportunity, and signals a new stage in the Group's evolution. The Company has fundamentally evolved over the last ten years and we are now a higher quality business, with more advanced technology capabilities, operating in multiple market segments at the very heart of the exciting and growing content creation market."