Dolan Media Company, the parent company of Virginia Lawyers Media, announced today that it has received stockholder approval to change its corporate name to The Dolan Company.
The Minneapolis-based company, a leading provider of professional services and business information to the legal, financial and real estate sectors in the United States, filed an amendment to the company’s certificate of incorporation with the Delaware Secretary of State today. The name change is effective immediately. The company’s NYSE stock symbol, DM, remains unchanged.
“Changing our name to The Dolan Company formalizes a shift in corporate strategy that has been underway for several years,” said James P. Dolan, the company’s chairman, president and chief executive officer, in a press release.
“While we take great pride in our profitable Business Information Division, we have grown to become primarily a provider of outsourced back-office services to professionals. With our Professional Services Division making up nearly three-quarters of consolidated revenues, our legacy name no longer fully described our company. We’re pleased that our shareholders agree, and we thank them for supporting our rebranding efforts,” he added.
In the first quarter of 2010, the company’s Professional Services Division comprised 73 percent of total revenues—up from 66 percent of revenues in 2009, 52 percent of revenues in 2008, and 44 percent of revenues in 2007, the year the company went public.
Earlier this month, Standard & Poor’s approved the company’s request to have its GICS code changed. GICS is a classification system developed by Standard & Poor’s and MSCI Barra to establish a global standard for categorizing companies into sectors and industries. The Dolan Company’s new GICS code of 20202020 places the company in the professional services industry.