Kyndryl Holdings (KD) said Wednesday it agreed to acquire Solvinity Group, a privately held company that provides cloud platforms and services in the Netherlands.

Terms of the transaction, which is subject to customary closing conditions, were not disclosed, according to Kyndryl.

The company's shares were down over 5% in recent trading.

Price: 25.89, Change: -1.53, Percent Change: -5.56