Note that the name was derived from Halo.
After Halo: Combat Evolved's release, Microsoft wanted Bungie to start Halo 2 right away. Afterwards Alex Seropian disagreed. But because Microsoft had more shares, they had to start Halo 2 right away. Afterwards some staff from Bungie, along with Seropian made Wideload. The employees are still not in Bungie.