IBM's InterConnect customer conference gave us a checkpoint on IBM's progress toward becoming a leading cloud platform for enterprises. IBM has marshaled its forces to deliver this latest reinvention of itself, with a new group dedicated to cloud, a sharp focus on enterprise needs, an inventive initiative to recruit customers and partners, and accelerated product delivery. However, IBM's cloud portfolio presents customers with risks. This brief updates our assessment of IBM's status as a cloud platform provider and advises application development and delivery (AD&D) leaders on how to approach a cloud relationship with the vendor.