IBM to name infrastructure services business 'Kyndryl' after spinoff

FILE PHOTO: The logo for IBM is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., June 27, 2018. REUTERS/Brendan McDermid/File Photo

(Reuters) - International Business Machines Corp said on Monday its managed infrastructure services business would be called “Kyndryl” after a planned spinoff into a public company later this year.

The plan to separate was announced in 2020, and followed years of the Big Blue trimming its legacy businesses as it focused on its cloud offerings to counter slowing software sales and seasonal demand for its mainframe servers.

Arvind Krishna, who took over as chief executive officer from Ginni Rometty in April last year, had earlier said IBM’s software and solutions portfolio will account for the majority of company revenue after the separation.

Kyndryl will be headquartered in New York, IBM said.

Reporting by Akanksha Rana and Tiyashi Datta in Bengaluru; Editing by Sriraj Kalluvila