As someone who used to work for a company that was acquired by IBM several years ago and bailed because they saw the handwriting on the wall, I am not going to sugarcoat it:
Yes, it is THAT bad.
And my coworkers who stayed behind? A good 75% of them wound up getting pink slips 18-24 months after acquisition.
As several others here have suggested: you will be safe for 12 months, and perhaps 18 or even 24. But for your own sake, use that time to find another opportunity. Best of luck.
In case somebody isn't following @1051HDDh on IBM, this is one of the replies there. Things are not looking good, sadly...