International Business Machines Corporation (IBM)
International Business Machines Corporation (IBM) is a major computer technology company. IBM produces computer parts, such as storage systems and microprocessor chips, which perform the main operations of a computer. The company also offers computer services that help customers develop and operate information systems. In addition, IBM develops software products and large, advanced mainframe computers for business applications.
International Business Machines Corporation grew out of an earlier firm, the Computing-Tabulating-Recording Company. It adopted its present name in 1924. The company dominated the office equipment industry until the mid-1900’s with such products as tabulators, time clocks, and electric typewriters.
The development of computers transformed IBM’s business. In 1951, Remington Rand, Inc. (now part of Unisys Corporation) completed work on the first computer to achieve commercial success, UNIVAC (UNIVersal Automatic Computer). UNIVAC began replacing IBM equipment in some businesses. IBM first manufactured computers for commercial sale in 1952. From the 1960’s to the early 1980’s, IBM dominated the office equipment and information technology industries. Mainframe computers provided the cornerstone for its success. Important innovations from IBM include the Fortran (Formula translation) programming language and floppy disk storage.
IBM began marketing its personal computer (PC) in 1981 . This powerful machine was smaller and cheaper than mainframe computers, and it quickly became popular for both business and home use. Although not the first such machine, the IBM model quickly became the standard. Other companies soon began manufacturing computers called IBM clones, which use the same microprocessors as the IBM PC and can run the same software . In the mid-1980’s, growing competition from clone manufacturers caused a decline in IBM’s market share.
In 1995, IBM acquired Lotus Development Corporation, a leading software developer. In 2005, IBM sold its personal computer division to Lenovo Group Limited, the largest personal computer manufacturer in China. IBM headquarters are in Armonk, New York.