IBM spins off a quarter of the company to focus on the cloud
New York( CNN Business)IBM is spinning off a significant part of its business to focus on new opportunities in hybrid cloud growth, the company announced on Thursday.
The IT services unit of IBM’s Global Technology Services business will become a separate public company. It represents a major departure from IBM’s previous priorities and one of the boldest moves in the company’s more-than-a-century-long history.
IBM’s managed infrastructure services business represented nearly a quarter of IBM’s revenue last year. But IBM believes its future lies in the hybrid cloud — a technical setup wherein companies may use multiple clouds in addition to their own on-premises servers. IBM’s platform gives companies tools to more easily navigate between those various environments.
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