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8 Big New Revelations About IBM’s Kyndryl Spin-Off

A new regulatory filing uncovers details about Kyndryl’s business and operations, including financial results for the past several years, workforce reductions, the competitive landscape and vendor partnerships.

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Revenue In Decline

From the get-go, Kyndryl will be a massive player in the IT channel—set to become No. 2 on CRN’s Solution Provider 500 list, behind only Accenture, post-separation from IBM. “We are the largest provider of IT infrastructure services and are recognized by research analysts (e.g., Gartner, Forrester, IDC, Everest, NelsonHall, and HfS Research) as a leader in key service areas,” Kyndryl said in its Form 10 filing with the SEC.

However, the business now known as Kyndryl has been seeing revenue declines for at least the past several years, according to the SEC filing. Pro forma revenue for the business during the first six months of 2021 was $9.52 billion, down a half-percent from the same period a year earlier.

The business saw a sharper drop in 2020, with pro forma revenue declining 4.5 percent to $19.35 billion from the year before. “Revenue declined primarily due to a reduction in client volumes within industries heavily impacted by the global pandemic,” Kyndryl said in the SEC filing.

In 2019, revenue for the business had also declined, falling 7 percent to $20.28 billion. In 2018—which is as far back as the filing provides figures for—revenue for the Kyndryl business was $21.8 billion.

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