Overview
Kyndryl Holdings is the world's largest IT infrastructure services provider by revenue, with reported FY2025 revenues of US$15.1 billion and approximately 79,000 employees in more than 60 countries. The firm was spun off from IBM in November 2021 as the world's largest managed infrastructure services business, taking IBM's Global Technology Services Strategic Outsourcing unit independent. Headquartered in New York, listed on NYSE under ticker KD, Kyndryl is led by founder and chief executive Martin Schroeter, who previously served as IBM's chief financial officer and CEO of IBM Global Markets.
Cloud migration is delivered through Kyndryl Consult, the firm's advisory and modernisation business unit, in combination with Kyndryl's mainframe, infrastructure, and managed services capabilities. The firm signed expanded strategic partnerships with Microsoft, Google Cloud, AWS, and SAP shortly after the 2021 spin-off, removing IBM-era exclusivity constraints. Kyndryl is a Premier Tier AWS Consulting Partner, Microsoft Azure Expert MSP, Google Cloud Premier Partner, and remains one of IBM's largest global services partners. The firm operates 60+ global delivery centres including legacy IBM facilities in Bangalore, Krakow, Atlanta, Raleigh, and Buenos Aires.
Kyndryl is typically a fit for enterprises with significant legacy IBM-era infrastructure — mainframe, AS/400, on-premises Oracle, distributed Unix — that need cloud migration combined with infrastructure outsourcing transformation. The firm has the deepest mainframe modernisation pedigree in the market. Kyndryl is rarely the top brand for greenfield cloud-native development, has thinner senior strategy consulting capability than Accenture or Deloitte, and continues to navigate margin pressure following the spin-off as legacy contracts at low margins are renegotiated.
Services Offered
- Kyndryl Consult cloud strategy, business case, and target operating-model design
- Application portfolio discovery and 7R disposition analysis
- Landing zone design on AWS, Azure, Google Cloud, IBM Cloud, and Oracle Cloud
- Mainframe modernisation, replatforming, and managed mainframe co-existence
- AS/400 / IBM i and distributed Unix migration to hyperscaler platforms
- RISE with SAP and S/4HANA migration to hyperscaler platforms
- Network and SDN modernisation alongside cloud migration
- Cloud security architecture, SIEM, and managed detection and response
- Managed cloud and hybrid infrastructure operations
- Data platform migration including Db2, Oracle, and SQL Server to cloud-native
Typical Engagement
| Engagement Type | Model | Typical Range |
|---|---|---|
| Cloud strategy and business case | Fixed-fee project | $500K–$2M (8–14 weeks) |
| Application portfolio discovery and migration plan | Fixed-fee project | $600K–$3M (12–16 weeks) |
| Mainframe modernisation programme | Outcome-based + T&M | $10M–$80M (18–36 months) |
| Cloud migration factory (200–800 apps) | Fixed-fee per wave | $5M–$45M (12–24 months) |
| Enterprise cloud + infrastructure transformation | Multi-year managed outcome | $50M–$200M+ (36–60 months) |
| Managed cloud + hybrid operations | Monthly retainer | $200K–$3M+ per month |
Pricing ranges verified May 2026 from public procurement records, ISG TPI data, hyperscaler channel benchmarks, and reference checks. Multi-year outsourcing transformation deals dominate Kyndryl's contract mix.
Strengths
- Deepest global mainframe and AS/400 / IBM i modernisation capability — inherited from IBM Global Services pedigree
- Largest dedicated infrastructure managed services workforce of any cloud migration provider
- Expanded post-spin-off partnerships with Microsoft, Google Cloud, AWS, and SAP removed legacy IBM-era platform constraints
- Strong execution on long-running outsourcing transformation deals that bundle cloud migration with cost-takeout commitments
- Global 60+ delivery centre footprint with deep capability in regulated and public sector workloads
- Strong financial services and central bank cloud migration capability, including for Fed, ECB, and Bank of England-supervised institutions
Limitations
- Margin pressure from legacy IBM-era contracts has constrained Kyndryl's free cash flow and investment capacity post-spin-off
- Senior strategy consulting and industry advisory capability is thinner than Accenture, Deloitte, or McKinsey
- Less competitive on greenfield cloud-native application development and digital product engineering
- Brand recognition outside infrastructure procurement teams is lower than Accenture, IBM Consulting, or Big Four
- Onshore senior architect bench varies by region; some legacy IBM Global Services geographies have experienced attrition
- Limited proprietary cloud tooling versus Infosys Cobalt or HCLTech CloudSMART