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. Another invention of Western Union - time synchronization. In 1866, Sibley ordered the engineers to develop a Western Union telegraph system of stock quotes in real time. In 1995, First Financial Management was acquired by First Data Corp. (the deal amounted to $ 7 billion), and Western Union Financial Services became a subsidiary of First Data.