Kyndryl finishes separation from IBM

Kyndryl stated that it has completed its previously announced spin-off from IBM and is now trading on the New York Stock Exchange under the symbol “KD.” Kyndryl rang the Exchange’s Opening Bell to commemorate its status as an independent, publicly-traded corporation.

“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 growth path,” said Martin Schroeter, Kyndryl’s chairman and chief executive officer.

He added, “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 the market that will expand to more than $500 billion by 2024. We look forward to the path ahead, with a flatter and faster company that is at the heart of progress for our customers and for the world.”

“Kyndryl begins as a trusted partner to leading companies throughout the Middle East, Africa, and Turkey and local teams with unmatched technical skills and experience,” said VickramNagi, Managing Director, Kyndryl Middle East, Africa, and Turkey.

“I am honored to lead Kyndryl here in the region, where we are committed to delivering outstanding IT services to customers in close collaboration with our broad ecosystem.”

Kyndryl is the world’s largest provider of IT infrastructure, with a unique methodology that merges development, security, and operations. More than 4,000 global customers, including 75 percent of the Fortune 100 and leading financial services, telecommunications, retail, airline, and automotive firms, rely on Kyndryl’s 90,000 specialists to provide world-class consultation, implementation, and managed services.

With $19 billion in annual revenue, investment-grade credit ratings, and long-standing customer connections that provide annuity-like revenue streams, Kyndryl starts its independent life in a strong financial position. An experienced management team leads Kyndryl, and a Board of Directors made up of ten industry experts with backgrounds in technology, financial services, government relations, and academia.

On the evening of November 3, Kyndryl shares were given to IBM shareholders, who got one Kyndryl share for every five IBM shares held. Following the distribution, IBM has retained a 19.9% equity stake in Kyndryl for the time being.

Kyndryl is responsible for the design, development, management, and modernization of complex, mission-critical information systems that the world relies on every day. Kyndryl’s almost 90,000 personnel serves customers in more than 60 countries. Visit www.kyndryl.com for additional details.