One American IT firm circulated bits of poetry (5)

I believe the answer is:

iambi

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'firm circulated bits of poetry' is the definition.
I can't tell whether this definition defines the answer.

'one american it' is the wordplay.
'one' becomes 'i' (Roman numeral).
'american' becomes 'Am' (abbreviation in some contexts).
'it' becomes 'bi' (I am not sure about this - if you are sure you should believe this answer much more).
'i'+'am'+'bi'='IAMBI'

Can you help me to learn more?

(Other definitions for iambi that I've seen before include "Poetic pieces" , "Poetic feet" , "Metrical patterns" , "Metrical units with alternating long and short syllables" , "Short-long metrical feet" .)

I've seen this clue in The Daily Mail.

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