As Halflife2.net
In March of 2003, a mystic crowbar appeared in Edge magazine, signifying that a long-awaited sequel to Half-Life was approaching. Munro formed this site almost immediately, as a place for people to share every snippet of information available about the upcoming sequel, as well as discuss it with other fans of the series.

The site quickly gained popularity, and before long it had been established as a home to all Valve fans, a number which was growing all the time. The community forum at Halflife2.net has continued to grow as Valve has, becoming a fun and easy-going environment, that boasts over 3 million posts and 12 thousand members.
Change to ValveTime.net
As 2012 approached, the staff at Halflife2.net decided it was time for a change. We felt that the name, which had once been perfect, was now somewhat limiting. For a long time we had been keeping fans updated with all the latest and greatest information on all of Valve's Games, not just the Half-Life series, and we felt that we needed a new name to reflect the broadened horizons.

We were stuck on a name for some time, initially choosing Valved.net but deciding that it didn't feel quite right. With so many Valve and Steam names taken by other fansites and even other industry sites, we weren't sure we would find something perfect. And then, completely by accident when joking around, we stumbled upon ValveTime.net, leading to a brief, stunned silence. We then acquired it immediately.

Not only is Valve Time a running joke within the community (See here for examples of this phenomena) but it also fits what we want our image to be, a reliable, consistently up-to-date source for everything related to Valve.