Kyndryl is officially a standalone company, complete with a shiny new ticker — KD — on the New York Stock Exchange. The announcement marks the completion of IBM’s plan to spin off its managed infrastructure business under the Kyndryl name.

As part of the spinoff, existing shareholders received one Kyndryl share for every five IBM shares owned. And for the moment, IBM will retain a 19.9% stake in the newly formed company.

IBM CEO Arvind Krishna announced the spinoff last fall in a bid to refocus Big Blue’s efforts on becoming a hybrid-cloud powerhouse, forming Kyndryl in the process.

Kyndryl — a portmanteau of “kyn” meaning kinship “dryl” meaning tendril — offers a variety of hosting and network services, infrastructure modernization, services management, and multi-cloud management and migration.

While a relatively unknown name in the managed infrastructure market, the company itself is already a significant player with more than 4,600 clients, 90,000 employees, a backlog of $60 billion in revenues, and an estimated $19 billion in annual revenue.

According to Kyndryl CEO Martin Schroeter, the company is well positioned to address the growing need for digital enterprise services — a market he expects will reach more than $500 billion by 2024.

”We are thrilled that Kyndryl is today an independent company,” he said in a statement. “We look forward to the path ahead, with a flatter and faster company that is at the heart of progress for our customers around the world.

Meanwhile, in an open letter Krishna touted the spinoff as an opportunity to reorient IBM’s portfolio around two of the “most transformational” technologies: hybrid cloud and AI. “Our goal is to break down today’s most common barriers to innovation: closed ecosystems, proprietary technologies, untrustworthy AI, and insufficient security,” he wrote.