[agseward]

IBM just spun out a $19B annual revenue managed infrastructure business, Kyndryl. [1]

Doing some back of the napkin math on the remaining business, by revenue it is roughly 45% consulting, 40% software, and 15% hardware. IP revenue represents 1% ($626M) of its revenue. [2]

What does it actually do? At a high level, help companies deal with the complexities created in a world of heterogeneous infrastructure (data and AI across environments, common management/security, automation, etc.).

[1] https://techcrunch.com/2021/11/04/kyndryl-officially-launche...

[2] https://www.ibm.com/investor/att/pdf/IBM_Annual_Report_2020....

Disclaimer: I'm an IBM employee, but my opinions are my own and I'm just using public data.