(Bloomberg) — International Business Machines Corp. is spinning off a slower-growth business that manages corporate computer systems so it can focus on the boom in demand for cloud services and step up competition with Amazon.com Inc. and Microsoft Corp.
The new unit, which is currently part of IBM’s global technology services division, handles day-to-day infrastructure service operations, like managing client data centers and traditional information-technology support for installing, repairing and operating equipment. It serves 4,600 clients and has an order backlog of $60 billion, according to a statement from IBM Thursday.
The shift essentially divides IBM into two, splitting its legacy IT-management services from its new hybrid-cloud computing and artificial intelligence unit, which the company hopes will return it to revenue growth — and relevancy. IBM said it aims to complete the transaction as a tax-free spinoff to IBM shareholders by the end of 2021.
(RTTNews) – Shares of International Business Machines Corporation (IBM) are rising more than 7% Thursday morning on the news of its plan to spin-off managed infrastructure services unit.
IBM plans to separate its managed infrastructure services unit of its Global Technology Services division into a new publicly-traded company (NewCo) and focus more on the cloud business.
“This creates two industry-leading companies, each with strategic focus and flexibility to drive client and shareholder value,” IBM said.
The spin-off is expected to be completed by the end of next year.
“IBM is laser-focused on the $1 trillion hybrid cloud opportunity. NewCo will have greater agility to design, run and modernize the infrastructure of the world’s most important organizations. Both companies will be on an improved growth trajectory with greater ability to partner and capture new opportunities – creating value for clients and shareholders” said Arvind Krishna, IBM Chief Executive Officer.
(Reuters) – International Business Machines Corp said on Thursday it would spin off its IT infrastructure unit to focus more on cloud computing, a high-margin business that has seen a boost as companies increasingly ramp up their digital shift.
Shares of the company were up nearly 14% in premarket trading.
IBM has trimmed its legacy businesses over the years to focus on cloud, aiming to make up for slowing software sales and seasonal demand for its mainframe servers.
Arvind Krishna, who took over as chief executive officer from Ginni Rometty in April, said IBM’s software and solutions portfolio will account for the majority of company revenue after the separation.
Krishna is known as the “principal architect” of IBM’s biggest acquisition, software company Red Hat, which was bought
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