IBM has recently announced that it is spinning off a $19 billion amount from its business fund to emphasize on cloud computing. Its annual revenue for 2019 was $77.1 billion.
The tech giant is going to convert its managed infrastructure services unit to a newly public firm. It will be temporarily named NewCo, and this separation is most likely to come into effect by late 2021.
Arvind Krishna, CEO at IBM, noted this initiative would help IBM focus on its artificial intelligence solutions and cloud platform. The new company will offer services to manage the infrastructure of its own and other businesses’.