IBM sells The Weather Company assets to Francisco Partners
ESG data to inform decision making, improve performance and meet regulatory requirements
IANS
Representative Image (Reuters)
NEW DELHI: IT major IBM has sold The Weather Company, the weather forecasting and information company it acquired in 2015 for $2 billion, to global investment firm Francisco Partners for an undisclosed sum.
The assets being acquired by Francisco Partners include The Weather Company's digital consumer-facing offerings, The Weather Channel mobile and cloud-based digital properties including Weather.com, Weather Underground and Storm Radar, as well as its enterprise offerings.
The Weather Company will also bring its forecasting science and technology platform to Francisco Partners.
IBM will retain its sustainability software business, including its Environmental Intelligence Suite (EIS) to help clients curate, measure, report and operationalise
ESG data to inform decision making, improve performance and meet regulatory requirements.
“We're excited to see the next phase of The Weather Company's journey," said Rob Thomas, SVP, Software and Chief Commercial Officer, IBM.
"Over the last few years, we've evolved IBM to be a hybrid cloud and AI company. We regularly review our portfolio to make sure our business areas are core to that strategy, and today's news reflects our continued focus on these two transformational technologies,” Thomas added.
The Weather Company provides highly accurate weather data to consumers and businesses and is among the top 10 most trusted brands in America.
"Amid the growing volatility of weather, The Weather Company's unique set of consumer, media, and industry-specific products provide mission critical, data-driven weather insights to individuals and businesses around the world,” said Alan Ni, Partner at Francisco Partners.
The transaction is expected to close by the end of Q1 2024 and is subject to regulatory approvals.
Under IBM’s management, The Weather Company grew to serve an average of more than 415 million people each month on its consumer-facing properties and over 2,000 businesses through its enterprise products.
