Kyndryl has completed its spin-off from IBM and began trading as an independent company on the New York Stock Exchange under the ticker KD.
Global IT infrastructure services market is expected to expand at a 11.1 percent CAGR, to reach $120.15 billion in 2025, according to a research report by Market Research Future (MRFR).
Kyndryl is the world’s largest IT infrastructure provider. Kyndryl’s 90,000 professionals deliver advisory, implementation and managed services to more than 4,000 global customers, including 75 percent of the Fortune 100 and leading financial services, telecommunications, retail, airline and automotive companies.
Martin Schroeter is the first Chairman and Chief Executive Officer of Kyndryl.
“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 a market that will expand to more than $500 billion by 2024,” Martin Schroeter said.
Kyndryl has $19 billion in annual revenue, investment-grade credit ratings and long-standing customer relationships that drive annuity-like revenue streams.
Kyndryl shares were distributed on the evening of November 3 to shareholders of IBM, who received one Kyndryl share for every five IBM shares owned. IBM has temporarily retained 19.9 percent equity ownership of Kyndryl following this distribution.