IBM is breaking up into two companies, renewed focus on AI and the cloud

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IBM has announced that it will be splitting the company into two in order to increase its revenue margins. According to a statement issued by CEO Arvind Krishna, the company is diversifying away from its traditional portfolio and growing its cloud computing service. A new company codenamed NewCo will be handling the spun-off business. IBM said the split will allow it to focus on areas with immense potential for growth. It has divulged that NewCo will be a new market leader in cloud IT-managed services right from the get-go.