IBM has planned to break off a $19B chunk of its business to focus solely on cloud computing and AI, while the newly formed company will provide services to manage the infra of businesses and other organizations. IBM – a 109-year-old tech firm that made its name for building myriad enterprise hardware – is spinning off its managed infrastructure services unit into a new company, temporarily named NewCo. The separation is expected to take effect by late 2021.

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