In 1988, the company undertook a massive reorganization in response to rapidly changing business conditions. In particular, this need has arisen due to many technological changes that have taken place at that time. Company name was changed from Western Union Telegraph Co. to Western Union Corp. Leaving the idea of expansion into Europe, Western Union took up the expansion of services in the U.S. market. In October 2006 the company made an initial public offering of shares on the New York Stock Exchange, becoming independent from First Data company. Before transition to remittances Western Union company rendered services on sphere of cable communication.