International Business Machines Corporation develops enterprise technology across software, consulting, hardware, hybrid cloud, artificial intelligence and quantum computing. News from IBM centers on AI platforms and services, including watsonx, IBM Enterprise Advantage, IBM Consulting Advantage, IBM Sovereign Core, watsonx Orchestrate and Red Hat technologies for hybrid and regulated environments.
Recurring updates also cover IBM Consulting client work, industry and cloud collaborations, research milestones in quantum-centric supercomputing, AI-enabled application experiences, and IBM Institute for Business Value studies on enterprise adoption and governance of AI.
IPwe and IBM announced their collaboration to tokenize patents as non-fungible tokens (NFTs), aiming to create a new asset class for intellectual property. This initiative will enhance the liquidity, transparency, and commercialization of patents, facilitating transactions on a blockchain network. The IPwe Platform will support these NFTs, expected to be available commercially by Q4 2021. The tokenization process aims to assist organizations, especially small and medium enterprises (SMEs), in leveraging their IP as collateral for funding.
IBM reported strong first-quarter 2021 earnings with significant growth in cloud services, driven by a rise in hybrid cloud platform adoption. The company's GAAP net income was $0.9 billion, while diluted earnings per share (EPS) stood at $1.06. IBM generated $4.9 billion in net cash from operations and reported a free cash flow of $1.5 billion. The cloud revenue soared 38%, reflecting increased client demand. Looking ahead, IBM anticipates full-year revenue growth and adjusted free cash flow of $11 billion to $12 billion in 2021, excluding certain cash impacts.
IBM (NYSE: IBM) announced its agreement to acquire myInvenio, a process mining software company based in Italy, enhancing its AI-powered automation capabilities. This acquisition aims to assist businesses in optimizing their processes through data-driven insights, targeting areas like sales and procurement. While financial details remain undisclosed, the acquisition aligns with IBM's hybrid cloud strategy. The deal is expected to close this quarter, further advancing IBM's commitment to business automation.
IBM, Red Hat, and Cobuilder announced a global collaboration to develop OpenBuilt, a platform aimed at connecting fragmented construction supply chains. Built on Red Hat OpenShift and hosted on IBM Cloud, OpenBuilt seeks to enhance communication and data exchange across the construction industry. The initiative involves five partners, including CEMEX and EDIN Network, focusing on integrating existing technologies and promoting digital workflows. The collaboration aims to tackle industry challenges such as project delays and inefficiencies, offering advanced solutions for a sustainable construction future.
BlackBerry Limited and IBM announced a new partnership to enhance security and productivity solutions in Canada. IBM will resell BlackBerry's BlackBerry Spark platform, aimed at enterprises and government organizations. This collaboration aims to address critical business challenges and support digital transformation in a landscape where security and efficiency are paramount. BlackBerry secures over 500 million endpoints globally, including 175 million vehicles, leveraging AI and machine learning for cybersecurity solutions.
IBM announced the name of its upcoming independent company, Kyndryl, derived from 'kinship' and 'tendril', symbolizing partnership and growth. This separation from its Managed Infrastructure Services business is expected by the end of 2021. Kyndryl will be headquartered in New York City and aims to establish itself as a leader in designing and managing technology infrastructure. With a customer base of 4,600, Kyndryl's focus is on providing reliable digital capabilities to major businesses worldwide.
The IBM Institute for Business Value conducted a global study with over 15,000 respondents, revealing strong consumer confidence in COVID-19 vaccines. Over half expect the vaccine to protect them. While many are eager to return to in-store shopping post-vaccination, customer expectations for personalized digital experiences have risen. The study forecasts a gradual recovery for industries like retail and travel, though 30% plan to fly more often while 23% intend to fly less. Younger generations, especially Gen Z, show unique trends, particularly regarding social interactions post-vaccination.
IBM has launched the general availability of the first financial services-ready cloud platform, IBM Cloud for Financial Services, now incorporating Red Hat OpenShift. Developed with Bank of America, this platform offers industry-leading security and compliance, aimed at reducing risks for financial institutions and accelerating innovation. The ecosystem includes over 90 partners, with SAP being the latest addition. IBM's platform leverages confidential computing and encryption capabilities to safeguard data, supporting financial service organizations in enhancing their cloud adoption while maintaining regulatory compliance.
On April 1, 2021, Celonis, IBM, and Red Hat announced a strategic partnership to enhance the adoption of the Celonis Execution Management System (EMS). This collaboration aims to address business challenges in digital transformation by integrating process mining and automation into core enterprise functions. IBM Global Business Services will utilize Celonis software in consulting, enhancing intelligent workflows across various sectors. The partnership also promotes a hybrid cloud strategy with Red Hat OpenShift, providing customers with deployment flexibility. This initiative aligns with IBM's commitment to expand its partner ecosystem in emerging tech categories.
Cleveland Clinic and IBM have announced a significant 10-year partnership to create the Discovery Accelerator, aimed at accelerating healthcare and life sciences research. This collaboration will utilize advanced technologies like AI, quantum computing, and high-performance hybrid cloud computing. The initiative includes installing IBM's Quantum System One at Cleveland Clinic and establishing a robust research infrastructure for big data medical research. Supported by a $500 million investment from the State of Ohio and others, the center will focus on innovative medical research, training programs, and enhancing public health responses.