Another name change for former Blackwater firm

ARLINGTON, Va. (AP) -- The security firm once known as Blackwater is changing its name for a second time as its owners continue to reshape the company they bought from its founder a year ago.

The new name is Academi, which the company said Monday is based on the ancient Greek philosopher Plato's institution for developing thinkers and warriors.

Blackwater originally changed its name to Xe Services in March 2009 as it battled allegations that its private guards in Iraq were trigger happy.

A new investor group, USTC Holdings, bought the company in December 2010 and founding CEO Erik Prince left. The new owners relocated the company's headquarters from North Carolina to northern Virginia, where a large number of security contractors are based.

(Copyright 2011 by The Associated Press. All Rights Reserved.)