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Kyndryl

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Kyndryl Holdings, Inc.
Company typePublic
ISINUS50155Q1004
Industry
  • IT Services
  • IT Consulting
FoundedNovember 3, 2021; 3 years ago (2021-11-03)[1]
HeadquartersOne Vanderbilt,
New York City, U.S.
Area served
Worldwide
Key people
Martin Schroeter (CEO)
ServicesManaged infrastructure
RevenueDecrease US$16.1 billion (2024)
Negative increase US$−340 million (2024)
Total assetsDecrease US$10.6 billion (2024)
Total equityDecrease US$1.12 billion (2024)
Owners
Number of employees
c. 80,000 (2024)
Websitekyndryl.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]

History

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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

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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]

References

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  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. ^ a b c d e f "IBM Spinoff Kyndryl Starts Quest for Growth". Wall Street Journal. November 4, 2021.
  5. ^ a b c d "Kyndryl officially launches as IBM spins out $19B infrastructure services biz". TechCrunch. November 4, 2021.
  6. ^ a b "IBM CEO discusses IT infrastructure service Kyndryl". CNBC. November 4, 2021.
  7. ^ "Kyndryl Locations". Kyndryl. n.d.
  8. ^ 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.
  9. ^ a b "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. ^ a b "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. ^ a b c "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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