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IBM SPINOFF KYNDRYL STARTS QUEST FOR GROWTH
THE COMPANY IS HOPING TO HELP CUSTOMERS MANAGE THEIR GROWING FORAYS INTO THE
CLOUD
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KYNDRYL BEGAN TRADING THURSDAY ON THE NEW YORK STOCK EXCHANGE.
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International Business Machines Corp. completed the spinoff of its $19 billion
information technology services business on Wednesday, betting that independence
will make it easier to reverse a decline in revenue.
The new company, Kyndryl Holdings Inc., began trading Thursday on the New York
Stock Exchange under the symbol KD. In early afternoon trading, Kyndryl shares
were at $27.96, down 1%.
Kyndryl will help companies modernize and manage their IT infrastructure, taking
its place as one of the largest players in a competitive market.
KYNDRYL CEO MARTIN SCHROETER.
Photo: Kyndryl Holdings Inc.
Chief Executive Martin Schroeter said Kyndryl expects to show revenue growth in
2025, now that customers are less likely to see it as tied to IBM technology.
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“The spin now allows a whole new set of customers who felt as though…we were
just there to sell the IBM technologies to now open up a new set of
discussions,” Mr. Schroeter said.
Kyndryl revenue declined 4.6% to $19.35 billion for the year ended Dec. 31,
2020, from $20.28 billion in the prior year, according to a document included
with the company’s Form 10 filing with the Securities and Exchange Commission.
Revenue declined 7% in 2019 from $21.796 billion in 2018, according to the
document, which has three years of financial data.
For the six months ended June 30, 2021, the company had revenue of $9.5 billion,
down 0.5% from the same six-month period the year before.
Kyndryl reported a net loss of $2.01 billion for 2020. Chief Financial Officer
David Wyshner said that the company had income last year of $67 million on a
pretax adjusted basis, accounting for legal, audit, advisory and other internal
restructuring charges. The company has about $2 billion in cash with net debt of
$1.2 billion, he said.
It ended 2020 with about 4,400 customers, down from about 4,600 customers in the
prior year.
There is a lot of opportunity for Kyndryl outside of IBM, according to Alastair
Edwards, chief analyst at research firm Canalys. The question is how effectively
it can go out and capture it, he said.
Some of Kyndryl’s rivals are further ahead in areas such as helping customers
manage multiple cloud providers, he said.
Kyndryl remains highly dependent on IBM’s mainframe customer base, according to
Mr. Edwards. Its move into higher-value services will require an investment of
money and time in training and technical certifications, he said. Kyndryl also
needs to establish its own identity in the market, which will take time,
according to Mr. Edwards.
Kyndryl is looking to support businesses running operations on cloud platforms
such as those from Amazon.com Inc., Microsoft Corp. and Alphabet Inc.’s Google.
It faces rivals including Accenture PLC, Atos SE, Capgemini SE, HCL Technologies
Ltd. and Tata Consultancy Services Ltd.
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Kyndryl will increase its investment in training its workforce of about 90,000
people to handle different cloud platforms, according to Mr. Schroeter, an IBM
veteran who previously served as IBM senior vice president for global markets.
He also served as IBM’s chief financial officer.
Mr. Schroeter joined IBM in 1992. He retired in 2020, but returned in January to
lead Kyndryl.
Kyndryl has been mainly focused on managing IBM customers’ data center
equipment, a business that has been contracting as corporations move to the
cloud, according to Mr. Schroeter. “The on-prem world is shrinking dramatically.
And that’s where…Kyndryl is overweighted,” Mr. Schroeter said.
Mr. Schroeter said Kyndryl will now focus more attention on the global managed
cloud services market, which is growing.
The company also plans to broaden its offering in software-applications
management, according to Mr. Schroeter. “We show up now with a different
mission,” he said.
“If Martin and Kyndryl create a culture of employees and customers first and
don’t fall into the trap of short-term P&L gains, they should be able to grow,”
said Michael Synn, senior vice president of infrastructure technology at fintech
company Broadridge Financial Solutions, a customer of Kyndryl’s predecessor
organization at IBM for more than 10 years.
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