Investors of a certain age may remember that International Business Machines (NYSE: IBM) -- better known as IBM -- was a powerhouse in its prime. That was back in the 80s and 90s, when mainframe computers and then personal computers first started to become common. IBM's hardware was a centerpiece of the movement. The company even remained relatively relevant into the early 2000s.

Slowly but surely, however, competition chipped away at its dominance. Its sales ultimately peaked in 2012 because IBM didn't do much to address then-nascent opportunities like cloud computing, mobile devices, and cybersecurity. It's been so long since IBM has mattered that many investors have all but forgotten about it.

Well, IBM is back. It can't be said that it's better than ever. But it's looking like a more promising investment than it has in a long, long time. This new IBM, though, is very different than the hardware-centric one that older investors might recall from yesteryear.

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Source Fool.com