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IBM, originally known as Computing-Tabulating-Recording (C-T-R), was a merger of several companies in 1911. The company initially focused on manufacturing and marketing punch card tabulators, time recorders, and scales. IBM's transformation began with the introduction of the IBM 650, one of the first mass-produced computers, in 1954. This marked a shift towards electronic data processing and solidified IBM's position as a leader in the technology industry.