(The firm X, however, is a more well-known name than my ex-employer was).
A while ago, I listened to a Freakonomics episode where it was discussed that businesses use proxies to both boost their image and to cover up their incompetency. The example was that a lot of businesses chose fancy names starting with A (like, AAA plumbers), so that they get listed first in business directories. These firms were later proven to be very incompetent and/or even fraudulent.
The relevant paper, also cited in the episode, was "A Business by Any Other Name": https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1667550.