Kyndryl

Last updated
Kyndryl Holdings, Inc.
Company type Public
ISIN US50155Q1004
Industry
  • IT Services
  • IT Consulting
FoundedNovember 3, 2021;3 years ago (2021-11-03) [1]
Headquarters One Vanderbilt,
New York City, U.S.
Area served
Worldwide
Key people
 Martin Schroeter (CEO)
ServicesManaged infrastructure
RevenueDecrease2.svg US$16.1 billion (2024)
Increase Negative.svgUS$−340 million (2024)
Total assets Decrease2.svgUS$10.6 billion (2024)
Total equity Decrease2.svgUS$1.12 billion (2024)
Owners
Number of employees
c. 80,000 (2024)
Website kyndryl.com
Footnotes /references
Financials as of March 31,2024. [3]

Kyndryl Holdings, Inc. is an American multinational information technology infrastructure services provider, [4] [5] [6] headquartered in New York City [7] and created from the spin-off of IBM's infrastructure services business in 2021. The company designs, builds, manages and develops large-scale information systems. [4] [5] [6] The company also has business advisory services. [8] [9] [10] It is currently the world's largest IT infrastructure services provider, and the fifth-largest consulting provider. [9]

Contents

History

Officially formed in late 2021, Kyndryl was created from the spin-off of IBM's infrastructure services, [4] [5] and comprises the bulk of the former IBM Global Technology Services. [11] [12] At year-end 2020, the spin-off had a portfolio of around 4,400 customers, including 75% of the Fortune 100. [4] [13] The company was given the name Kyndryl in April 2021, with "Kyn" referencing "kinship" and "Dryl" referencing "tendril". [14] On November 4, 2021, Kyndryl completed its separation from IBM and began trading as an independent company on the New York Stock Exchange, [4] [5] with Martin Schroeter as chairman and CEO. [15] [16] [17] Kyndryl operated in 63 countries in November 2021, and managed around 400 data centers. [18] By November 2021, Kyndryl had also partnered with Microsoft to provide digital transformation services using Microsoft Cloud products. [8] [19] In December 2021, Kyndryl partnered with Google Cloud on digital transformation projects as well. [20] Kyndryl announced new reporting segments for its finances in January 2022. [21] Kyndryl partnered with Amazon Web Services in February 2022, [22]  and in October 2022, Kyndryl and Microsoft created a data pipeline between Microsoft Azure and Kyndryl's zCloud platform. [23]  In 2022, as ranked by revenue, CRN placed Kyndryl No. 6 on its list of largest IT solution providers in North America. [24] On September 28, 2023, the Financial Times quoted sources saying that Kyndryl was separating its Chinese arm, saying the decision was influenced by increased tensions between the United States and China. [25] On 13 May 2024, Kyndryl announced the acquisition of Skytap and the divesture of Securities Industry Services to Broadridge Financial Solutions, as part of a portfolio optimization action. [26]

Services

Focused on IT services for businesses, [20] Kyndryl designs, builds, manages, and modernizes enterprise IT infrastructure systems, [4] [17] with capabilities in artificial intelligence as well as data and analytics. [20] In late 2021, Kyndryl listed its six service areas as: cloud; security and resiliency; network and edge computing; digital workplace; core enterprise and zCloud; and applications, data, and AI. [27] [28] Kyndryl launched Kyndryl Bridge [29]  and a business consulting segment in 2022. [30]

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References

  1. ↑ "FORM 8-K". United States Securities and Exchange Commission. 4 November 2021.
  2. ↑ "2024 Proxy Statement". investors.kyndryl.com. Kyndryl. Retrieved 15 June 2024.
  3. ↑ "Kyndryl FY 2024 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. May 30, 2024.
  4. 1 2 3 4 5 6 "IBM Spinoff Kyndryl Starts Quest for Growth". Wall Street Journal. November 4, 2021.
  5. 1 2 3 4 "Kyndryl officially launches as IBM spins out $19B infrastructure services biz". TechCrunch. November 4, 2021.
  6. 1 2 "IBM CEO discusses IT infrastructure service Kyndryl". CNBC. November 4, 2021.
  7. ↑ "Kyndryl Locations". Kyndryl. n.d.
  8. 1 2 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.
  9. 1 2 "What is Kyndryl? IBM's managed infrastructure services spin-off explained". CIO. October 6, 2021.
  10. ↑ "India important market; drives significant value for global customers: Kyndryl". The Economic Times. February 2, 2022. Archived from the original on Oct 15, 2023.
  11. ↑ "IBM revenue misses on weakness in legacy infrastructure unit". Reuters. October 20, 2021.
  12. ↑ "IBM to break up 109-year old company to focus on cloud growth". Reuters. October 8, 2020.
  13. ↑ "IBM's Services Spinoff Gets a Name. What It Means". Barrons. April 12, 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. 1 2 "IBM names head of new IT infrastructure services company". Reuters. January 7, 2021. Archived from the original on Oct 15, 2023.
  18. ↑ 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.
  19. ↑ 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.
  20. 1 2 3 "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.
  21. ↑ Nakrosis, Stephen (January 31, 2022). "Kyndryl Announces New Reporting Segments, Fiscal Year". MarketWatch. Archived from the original on Feb 15, 2022.
  22. ↑ Kyndryl, AWS Sign Deal with Aim to Train 10,000 Workers by Year's End, CRN, 24 February 2022, retrieved 28 January 2024
  23. ↑ Kyndryl, Microsoft Partner on Mainframe Pipeline to Azure, CRN, 6 October 2022, retrieved 28 January 2024
  24. ↑ 2022 Solution Provider 500, CRN, 2022, retrieved 28 January 2024
  25. ↑ 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 2023-12-31. Retrieved 2023-12-31.{{cite web}}: CS1 maint: bot: original URL status unknown (link)
  26. ↑ "Kyndryl Announces Portfolio Optimization Actions". Kyndryl. 2024-05-23.
  27. ↑ 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.
  28. ↑ "Kyndryl sees India as big opportunity for talent, growth: CEO" . The Economic Times. November 17, 2021. Archived from the original on Oct 15, 2023.
  29. ↑ Kyndryl Bridge Promises App, Provider Integration and Automation, CRN, 30 September 2022, retrieved 28 January 2024
  30. ↑ Paul, Gillin (26 October 2022), Kyndryl branches out into business consulting, SiliconAngle, retrieved 28 January 2024
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