By Sam Boughedda
Investing.com — Kyndryl Holdings Inc (NYSE:KD) and Microsoft Corporation (NASDAQ:MSFT) said Friday that they will team up to combine their capabilities for enterprise customers.
The deal with Microsoft is Kyndryl's first since its recent spin-off from IBM. In addition, Kyndryl named Microsoft its only premier global alliance partner, increasing Microsoft's access to the $500 billion managed services market that Kyndryl leads.
Together the two tech firms plan to bring to market "state-of-the-art solutions" built on Microsoft Cloud.
"In this landmark relationship with Microsoft, Kyndryl is matching our deep expertise in mission-critical IT systems with the benefits of Microsoft Cloud to be at the heart of progress for our global customers," said Martin Schroeter, chairman and CEO of Kyndryl.
The companies will work together in data modernization and governance, AI-driven innovations for industries, cyber security and resiliency, and the transformation of mission-critical workloads to the cloud.
Kyndryl's life as a public company has got off to a shaky start. Since its shares hit a high of $52 on its debut, the stock has been on the slide and currently sits around the $21.37 mark, with a 0.4% gain on Friday.