Riot is now Element

I speak English, but I can’t follow what this means:

> In fact we have simplified all our naming: Element is also the name for New Vector (the company behind Riot) while Modular, our flagship Matrix hosting service, has become Element Matrix Services.

Is New Vector now names Element, too? Or is this some sort of nickname? A doing business as name?

Riot -> Element

New Vector -> Element

Modular -> Element Matrix Services

(Although we haven't legally changed New Vector's name yet).