Kyndryl Completes Separation from IBM
Kyndryl has successfully completed its spin-off from IBM and is now trading independently on the NYSE under the ticker KD. With a workforce of 90,000, Kyndryl is positioned as the largest IT infrastructure services provider, expecting a market growth exceeding $500 billion by 2024. The company boasts $19 billion in annual revenue and strong customer relationships, including 75% of the Fortune 100. IBM shareholders received Kyndryl shares in a 1:5 ratio, with IBM retaining 19.9% equity in Kyndryl.
- Kyndryl begins trading as the largest independent IT infrastructure services provider.
- Company has a strong starting financial position with $19 billion in annual revenue.
- Expected market growth for digital transformation services to exceed $500 billion by 2024.
- Kyndryl has a diverse customer base, serving more than 4,000 global customers including 75% of the Fortune 100.
- IBM retains a 19.9% equity stake, potentially affecting Kyndryl's complete independence.
Begins Trading on NYSE as World's Largest Independent IT Infrastructure Services Provider
NEW YORK, Nov. 4, 2021 /PRNewswire/ -- Kyndryl today announced that it has completed its previously announced spin-off from IBM (NYSE: IBM) and began trading as an independent company on the New York Stock Exchange under the ticker "KD". Kyndryl celebrated becoming an independent, publicly-traded company by ringing the Opening Bell at the Exchange.
"We are thrilled that Kyndryl is today an independent company -- with 90,000 of the best and brightest professionals, a strong balance sheet and a path to growth," said Martin Schroeter, Kyndryl's chairman and chief executive officer. "There is a large and growing need for digital transformation services, and our unrivaled global expertise in creating, managing and modernizing mission-critical information systems positions us well in a market that will expand to more than
Kyndryl launches as the world's largest IT infrastructure provider, with a differentiated approach that integrates development, security and operations. Kyndryl's 90,000 professionals worldwide deliver world-class advisory, implementation and managed services to more than 4,000 global customers, including
Kyndryl begins its independent life with a solid financial position, with
Kyndryl shares were distributed on the evening of November 3 to shareholders of IBM, who received one Kyndryl share for every five IBM shares owned. IBM has temporarily retained 19.9 percent equity ownership of Kyndryl following this distribution.
Kyndryl (NYSE: KD) designs, builds, manages and modernizes the complex, mission-critical information systems that the world depends on every day. Kyndryl's nearly 90,000 employees serve customers in more than 60 countries around the world. For more information, visit www.kyndryl.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/kyndryl-completes-separation-from-ibm-301415957.html
SOURCE Kyndryl
FAQ
When did Kyndryl start trading independently on the NYSE under ticker KD?
What is Kyndryl's annual revenue?
What market is Kyndryl targeting, and how much is it expected to grow?
What share ratio did IBM shareholders receive for Kyndryl shares?
What percentage of Kyndryl does IBM still retain?
