Virtual network operator Network Innovations Inc. announced Tuesday that it has changed its corporate name to Nitel.

Nitel CEO Rick Stern said the new name better reflects the nature of the company’s business in a succinct, direct way.

Founded in 1997, Nitel’s goal is to simplify procurement, billing and maintenance of wholesale network services across disparate carriers. It offers more than 600 wholesale and enterprise customers a proprietary intelligence tool, n-Tellisource, and the networks of 80 top-tier carriers. Its headquarters are in Chicago, and it has offices in Atlanta, Ga., Madison, Wis., and Reno, Nev.

As Network Innovations, Nitel is ranked 12th in the 2009 Inc. 500 listing of the 500 fastest-growing private U.S.-based companies. It also is No. 5 on the current Crain’s Fast 50 list of the fastest-growing companies in the greater Chicago area by Crain’s Chicago Business. Network Innovations experienced a growth rate of 3,900 percent over the five years ending in 2008, the company said in a press statement.