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International Business Machines : China gets new cloud company with Wanda, IBM agreement

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03/28/2017 | 12:27pm CEST

A new deal has been signed between Wanda Internet Technology Group and IBM, resulting in the new organisation - Wanda Cloud Company.

IBM`s chief executive officer, president and chairman Ginni Rometty was at the signing ceremony in Beijing alongside Wanda Group chairman Wang Jianlin.

The new company will mean Chinese businesses will have access to certain IBM cloud infrastructure and platform as a service technologies (IaaS and PaaS).

These cloud based solutions can help businesses improve efficiency and productivity as well as drive innovation.

While continuing to innovate it`s platform, IBM will ensure that Wanda can provide cloud services that will drive digital transformation across China.

The agreement is designed to answer Chinas growing demand for cloud computing and cognitive capabilities in the Chinese market and support Chinas Internet+ strategy.

The partnership will be used to unveil IBMs Watson services to the Chinese market, starting with Conversation services.

Conversation services allow developers to add natural language interactions between an app and the customers.

The partnership has plans for additional Watson services in the future with the focus being to continue providing a competitive cloud platform in China.

(c) 2017 | NMH Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2017 78 718 M
EBIT 2017 15 295 M
Net income 2017 11 396 M
Debt 2017 33 872 M
Yield 2017 3,23%
P/E ratio 2017 14,31
P/E ratio 2018 13,62
EV / Sales 2017 2,51x
EV / Sales 2018 2,52x
Capitalization 163 902 M
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Mean consensus HOLD
Number of Analysts 24
Average target price 171 $
Spread / Average Target -1,8%
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NameTitle
Virginia M. Rometty Chairman, President & Chief Executive Officer
James J. Kavanaugh Senior Vice President-Transformation & Operations
Martin J. Schroeter Chief Financial Officer & Senior Vice President
Martin Jetter SVP-Global Technology Services
Sidney Taurel Independent Director
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