International Business Machines Corporation, abbreviated IBM, is a multinational computer technology and IT consulting corporation headquartered in Armonk, New York, United States. The company is a descendant of the Tabulating Machine Company, which was formed in 1896 by US inventor Herman Hollerith to exploit his punched-card machines and is one of the few information technology companies with a continuous history dating back to the 19th century. Founded in 1924, by former cash register salesperson Tom Watson, IBM grew to monopolize the mechanical data processing business, and in the 1950s, thanks mainly to Tom Watson Jr, also quickly took over the new electronic (computer-based) data processing business. IBM manufactures and sells computer hardware and software (with a focus on the latter), and offers infrastructure services, hosting services, and consulting services in areas ranging from mainframe computers to nanotechnology.[2]
IBM's sales increased from $734 million US dollars in 1956 to $51 billion US dollars in 1986, when the company dominated most computer markets: mainframes, mid-range computers, personal computers, and networking. However, with the rise of powerful microprocessors, much of IBM's power was destroyed and in the early 1990s it lost billions of dollars and shed almost half its 420,000 staff.
By 1991, IBM had an annual turnover $64.8 billion US dollars and employed about 345,000 people, but in 1992 and 1993 it had considerable losses. The company acquired Lotus Development Corporation in 1995. By 1997 IBM had, under new management, recovered financially and in 2007 IBM's total revenue was worth $99 billion US dollars and having 330,000 employees in 75 countries, made it the world's largest information technology company.
IBM has been well known through most of its recent history as the world's largest computer company and systems integrator.[3] With over 388,000 employees worldwide, IBM is the largest and most profitable information technology employer in the world. IBM holds more patents than any other U.S. based technology company and has eight research laboratories worldwide.[4] The company has scientists, engineers, consultants, and sales professionals in over 170 countries.[5] IBM employees have earned five Nobel Prizes, four Turing Awards, five National Medals of Technology, and five National Medals of Science.[6] As a chip maker, IBM has been among the Worldwide Top 20 Semiconductor Sales Leaders in past years. It has been nicknamed "Big Blue" for its official corporate color.
