White Pine Software Inc. (Nasdaq: WPNE) said Monday it changed its name to CUseeMe Networks and will trade under its new symbol (Nasdaq: CUSM) by May 15.
Shares in CuseeMe, a provider of voice and visual communications, closed at 15 9/16 Friday, well below their 52-week high of 49 5/8 despite breaking even in its first quarter. In January, the company received $20 million from GE Capital and other investors, which was used to build infrastructure for the launch of its new services business. In February, it sold the White Pine Software connectivity business and solidified its focus on Internet communications.
The new name, based on White Pine's leading brand, CUseeMe, was chosen to align the company's brand with its focus; its consumer videochat and corporate videoconferencing software.
The CUseeMe Networks name also accompanies the launch of a hosting business which will bring face-to-face communications to e-commerce transactions in the B2C and B2B as well as consumer markets.
The company said it will have 3 focus areas for its organization: CUseeMe Software; CUseeMe Services, a new hosting business and CUseeMe World, a consumer portal and showcase site for the company.
The company recently reported break-even results for its first quarter, as opposed to a loss of 12 cents a share in 1999's first quarter. Revenue was $4.1 million, almost double the $2.5 million reported in the previous year's first quarter.
CUseeMe Networks has also recently expanded its communications platforms through partnerships with Ericsson (Nasdaq: ERICY), Novell (Nasdaq: NOVL), and FaceTime Communications.
The company competes with Ezenia! Inc. (Nasdaq: EZEN), PictureTel (Nasdaq: PCTL) and VTEL (Nasdaq: VTEL), according to Hoover's.