IBM to spin off $19 Billion business to focus on cloud computing
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IBM says it is breaking off a USD 19 billion chunk of its business to focus on cloud computing. The 109-year-old tech company said Thursday it is spinning off its managed infrastructure services unit into a new public company, temporarily named NewCo. The separation is expected to take effect by late 2021. IBM CEO Arvind Krishna said the split will help IBM focus on its cloud platform and artificial intelligence.