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Kyndryl

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Kyndryl Holdings, Inc.
Company typePublic company
ISINUS50155Q1004
Industry
  • IT Services
  • IT Consulting
FoundedNovember 3, 2021; 2 years ago (2021-11-03)[1]
Headquarters
One Vanderbilt,[2] New York, New York, U.S.
Area served
Worldwide
Key people
Martin Schroeter (CEO)
ServicesManaged infrastructure
RevenueDecreaseUS$17 billion (March 2023)[3]
Number of employees
87,708 (January 2023)[4]
Websitewww.kyndryl.com

Kyndryl , Inc. is an American multinational information technology infrastructure services provider that designs, builds, manages and develops large-scale information systems.[5][6][7] It is currently the world's largest IT infrastructure services provider, and the fifth-largest consulting provider.[8] It was created from the spin-off of IBM's infrastructure services business.

History

Kyndryl comprises the bulk of the former IBM Global Technology Services.[9][10] At year-end 2020, it had a portfolio of nearly 4,400 customers, including 75% of the Fortune 100.[5][11] After having a placeholder name of NewCo, it was given the name Kyndryl in April 2021, with "Kyn" referencing "kinship" and "Dryl" referencing "tendril".[11][12][13][14]

On November 4, 2021, Kyndryl completed its separation from IBM and began trading as an independent company on the New York Stock Exchange under the ticker KD.[5][6] It is led by chairman and CEO Martin Schroeter, who was IBM's Chief Financial Officer from 2014 through the end of 2017, President of Global Services from 2017 to 2020, and retired thereafter.[15][16][17]

Kyndryl designs, builds, manages, and modernizes enterprise IT infrastructure systems.[5][17] It is divided into six globally managed service areas:

It also has a customer advisory practice that combines managed services, advisory services and implementation.[20][8][21]

It operates in 63 countries and manages over 400 data centers.[22]

Kyndryl partnered with Microsoft to provide digital transformation services using Microsoft Cloud products. Under the agreement, Microsoft became Kyndryl's Premier Global Alliance Partner, working together to accelerate hybrid cloud adoption, modernize business applications and processes, support workloads, and enable modern work experiences.[20][23]

On January 31, 2022, Kyndryl announced it was changing its measures of geographic segment performance to Revenue and Adjusted EBITDA.[24]

It formed a strategic partnership with Google Cloud focused on digital transformation projects and helping enterprise customers become more data-driven and sustainable, combining the firms' capabilities in data and analytics, artificial intelligence, and infrastructure modernization.[25]

On September 28, 2023, the Financial Times noted that Kyndryl was separating its Chinese arm, influenced by increased tensions between the United States and China.[26]

References

  1. ^ "FORM 8-K". United States Securities and Exchange Commission. 4 November 2021.
  2. ^ "Kyndryl Locations". Kyndryl. n.d.
  3. ^ "KYNDRYL REPORTS FOURTH QUARTER AND FULL-YEAR 2023 RESULTS". Kyndryl. May 16, 2023.
  4. ^ "Kyndryl 2023 proxy statement". Kyndryl. June 14, 2023.
  5. ^ a b c d "IBM Spinoff Kyndryl Starts Quest for Growth". Wall Street Journal. November 4, 2021.
  6. ^ a b "Kyndryl officially launches as IBM spins out $19B infrastructure services biz". TechCrunch. November 4, 2021.
  7. ^ "IBM CEO discusses IT infrastructure service Kyndryl". CNBC. November 4, 2021.
  8. ^ a b "What is Kyndryl? IBM's managed infrastructure services spin-off explained". CIO. October 6, 2021.
  9. ^ "IBM revenue misses on weakness in legacy infrastructure unit". Reuters. October 20, 2021.
  10. ^ "IBM to break up 109-year old company to focus on cloud growth". Reuters. October 8, 2020.
  11. ^ a b "IBM's Services Spinoff Gets a Name. What It Means". Barrons. April 12, 2021.
  12. ^ "IBM to name infrastructure services business 'Kyndryl' after spinoff". Reuters. April 12, 2021.
  13. ^ "The IT establishment is dressing in new clothes". The Economist. November 6, 2021.
  14. ^ Chaim Gartenberg (12 Apr 2021). "Kyndryl is IBM's wacky new name for its dry IT spinoff". The Verge. Retrieved 11 May 2022.
  15. ^ "IBM sheds 25% of its business in battle against decade of decline". Financial Times. November 4, 2021. Archived from the original on Oct 15, 2023.
  16. ^ Shivdas, Sanjana; Rai, Sonam (January 11, 2018). "IBM names James Kavanaugh as CFO, replacing Schroeter". Reuters. Archived from the original on Oct 15, 2023.
  17. ^ a b "IBM names head of new IT infrastructure services company". Reuters. January 7, 2021. Archived from the original on Oct 15, 2023.
  18. ^ Majumdar, Romita; Krishnan, Raghu (November 5, 2021). "'Kyndryl starts in India with twice the market share of closest rival'". The Economic Times. Archived from the original on Oct 15, 2023.
  19. ^ "Kyndryl sees India as big opportunity for talent, growth: CEO". The Economic Times. November 17, 2021. Archived from the original on Oct 15, 2023.
  20. ^ a b Majumdar, Romita (November 26, 2021). "Rivals eyeing IBM spinoff Kyndryl's sub-$50 million clients, experts say". The Economic Times. Archived from the original on Oct 15, 2023.
  21. ^ "India important market; drives significant value for global customers: Kyndryl". The Economic Times. February 2, 2022. Archived from the original on Oct 15, 2023.
  22. ^ Murray, Alan; Meyer, David (November 4, 2021). "IBM's IT services spin-off, Kyndryl, hits the market today". Fortune. Archived from the original on Oct 15, 2023.
  23. ^ Lin, Belle (November 19, 2021). "Tech giants like Microsoft and VMware are rushing to partner with Kyndryl, the spinoff of IBM's consulting arm". Business Insider. Archived from the original on Oct 15, 2023.
  24. ^ Nakrosis, Stephen (January 31, 2022). "Kyndryl Announces New Reporting Segments, Fiscal Year". MarketWatch. Archived from the original on Feb 15, 2022.
  25. ^ "Kyndryl adds Google Cloud to its portfolio of multi-vendor partnerships". The Economic Times. December 10, 2021. Archived from the original on Oct 15, 2023.
  26. ^ Wiggins, Kaye; Waters, Richard (2023-09-28). "IBM's former IT services group plans to separate its China business". Financial Times. Archived from the original on 2023-09-28. Retrieved 2023-12-31.
  • Official website
  • Business data for Kyndryl Holdings, Inc.:
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