⁍ International Business Machines Corp is splitting itself into two public companies.
⁍ IBM will list its IT infrastructure services unit as a separate company with a new name by the end of 2021.
⁍ The company has shifted focus to cloud growth in recent years.
– International Business Machines is spinning itself off into two companies—one focused on software and another on technology services, reports Reuters. The software company will be known as International Business Machines Corp. and the IT infrastructure services company will be known as International Business Machines Corporation by the end of 2021. The move is part of a “significant shift” in the 109-year-old company’s business model, says CEO Arvind Krishna. “We divested networking back in the ’90s, we divested PCs back in the 2000s, we divested semiconductors about five years ago because all of them didn’t necessarily play into the integrated value proposition,” Krishna says.
Source: https://www.reuters.com/article/ibm-divestiture/update-4-ibm-to-break-up-109-year-old-company-to-focus-on-cloud-growth-idUSL4N2GZ28Q