Google founders Larry Page and Sergey Brin have announced the formation of a new holding company which will encompass both the famous search engine, YouTube and Android.
Called Alphabet, the new company will replace Google Inc as the group’s formal name although shares will continue to trade on Nasdaq as GOOGL and GOOG.
In a blog post Page said Alphabet would be a “collection of companies. The largest of which, of course, is Google.”
He added: “This newer Google is a bit slimmed down, with the companies that are pretty far afield of our main internet products contained in Alphabet instead.
“What do we mean by far afield? Good examples are our health efforts: Life Sciences (that works on the glucose-sensing contact lens), and Calico (focused on longevity).
“Fundamentally, we believe this allows us more management scale, as we can run things independently that aren’t very related.”