IBM, the common name of International Business Machines Corporation, is one of the largest technology and consulting companies in the world, employing over 350 thousand employees worldwide. Currently headquartered in Armonk, New York, IBM was founded in 1911. Originally operating under the name of the Computing-Tabulating-Recording Company (CTR), the company took on the IBM moniker in 1924. In 2019, IBM generated global revenues of more than 77 billion U.S. dollars, with almost 50 percent of this generated in the Americas region, as well as another 25 percent coming from Europe, Middle East, and Africa (EMEA). IBM achieved a net income of 9.43 billion U.S. dollars in 2019, an increase of just over half a billion U.S. dollars from 2018.
Of its multiple business segments, global technology services, where IBM provides comprehensive IT infrastructure and platform services, generated over 27 billion U.S. dollars of the company’s revenue in 2019. Following closely behind, IBM's cloud and cognitive software revenues amounted to over 23 billion U.S. dollars, of which 9.5 billion U.S. was generated by the cloud and data platforms sub-segment. IBM is transforming its business following an industry wide change of digital transformation, shifting away from being a hardware, software and services company. IBM is now focusing on hybrid and multi-cloud solutions, as well as artificial intelligence (AI), aligning its portfolio to meet market demands. This combination is exemplified by IBM’s 34 billion U.S. dollar acquisition of AI open-source software company Red Hat which was completed in July 2019.
IBM is responsible for some the most groundbreaking inventions in the technology industry, such as the automated teller machine (ATM), the hard disk drive (HDD), the Universal Product Code (UPC) and the dynamic random-access memory. For those and other innovations, IBM and its employees have gained recognition and acknowledgement in the form of five Nobel prizes, ten U.S. National Medals of Technology, five U.S. National Medals of Science, and six Turing Awards, one of the most prestigious computer science awards in the world. IBM also holds an extensive number of patents in the U.S. and has invested tens of billions of dollars into funding research and development.
Alongside this, IBM has committed itself to environmental leadership, addressing climate change, energy efficiency, product design, and the use of materials. A key part of this involves energy conservation projects, of which IBM implemented approximately 1,900 in 2018 across nearly 300 locations worldwide, notably virtualization and cooling efficiency projects in data centers which accounted for more than half of all projects.
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