RESEARCH TRIANGLE PARK – “Kyndryl” will be the name of the new business being spun off by IBM, the tech giant announced Monday.
The spinoff is expected to take place before the end of the year.
Here’s how IBM explained the new name:
“Kyn” is derived from the word kinship, referencing the belief that relationships with people — employees, customers and partners — are at the center of the strategy, and that long-lasting relationships must be built and nurtured.
“Dryl” comes from tendril, bringing to mind new growth and the idea that — together with customers and partners — the business is always working toward advancing human progress.
Kynrdyl will be built around IBM’s Managed Infrastructure Services group.
The new venture is likely to include IBM employees and operations in the Triangle.
“Kyndryl evokes the spirit of true partnership and growth,” said Martin Schroeter, Chief Executive Officer of Kyndryl. “Customers around the world will come to know Kyndryl as a brand that runs the vital systems at the heart of progress, and an independent company with the best global talent in the industry.”
The firm’s headquarters will be located in New York City.
“The decision to base our corporate team in one of the world’s most vibrant and global urban centers underscores our commitment to the economic health of cities,” Schroeter said in the announcement.
Kyndryl will include some 90,000 employees and launch with a client base that includes 75 of Fortune 100 companies.
IBM employs thousands of people across North Carolina, operates one of its largest campuses in RTP, and owns Raleigh-based Red Hat.