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.[10][11] At year-end 2020, the spin-off had a portfolio of around 4,400 customers, including 75% of the Fortune 100.[4][12] The company was given the name Kyndryl in April 2021, with "Kyn" referencing "kinship" and "Dryl" referencing "tendril".[13] 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.[14][15][16] Kyndryl operated in 63 countries in November 2021, and managed around 400 data centers.[17]
By November 2021, Kyndryl had also partnered with Microsoft to provide digital transformation services using Microsoft Cloud products.[7][18] In December 2021, Kyndryl partnered with Google Cloud on digital transformation projects as well.[19] Kyndryl announced new reporting segments for its finances in January 2022.[20] Kyndryl partnered with Amazon Web Services in February 2022,[21] and in October 2022, Kyndryl and Microsoft created a data pipeline between Microsoft Azure and Kyndryl's zCloud platform.[22] In 2022, as ranked by revenue, CRN placed Kyndryl No. 6 on its list of largest IT solution providers in North America.[23] 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.[24] 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.[25]
Focused on IT services for businesses,[19] Kyndryl designs, builds, manages, and modernizes enterprise IT infrastructure systems,[4][16] with capabilities in artificial intelligence as well as data and analytics.[19] 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.[26][27] Kyndryl launched Kyndryl Bridge[28] and a business consulting segment in 2022.[29]
