Shillong, August 23: IT giant IBM has divested The Weather Company, a weather forecasting and information entity it acquired in 2015 for $2 billion, to global investment firm Francisco Partners. The financial terms of the deal remain undisclosed.
As per IANS, Francisco Partners will gain ownership of various assets from The Weather Company, encompassing its digital consumer-oriented offerings, which include The Weather Channel mobile application and cloud-based digital platforms such as Weather.com, Weather Underground, and Storm Radar. The acquisition also involves The Weather Company’s enterprise services. Additionally, Francisco Partners will have access to The Weather Company’s forecasting science and technology platform.
IBM, on the other hand, will continue to hold its sustainability software business, inclusive of its Environmental Intelligence Suite (EIS). This suite aids clients in managing ESG (Environmental, Social, and Governance) data, thereby facilitating informed decision-making, performance enhancement, and compliance with regulatory requirements.
Rob Thomas, Senior Vice President, Software and Chief Commercial Officer at IBM, expressed enthusiasm about the future trajectory of The Weather Company under new ownership. He emphasized IBM’s focus on hybrid cloud and AI technologies, stating that the decision to part ways with The Weather Company aligns with this strategic direction.
The Weather Company is renowned for its provision of highly accurate weather data to both individuals and businesses. It is recognized as one of the top 10 most trusted brands in America.
The completion of the transaction is anticipated by the end of Q1 2024, pending regulatory approvals. During IBM’s stewardship, The Weather Company significantly expanded its reach, serving a broad user base and thousands of businesses with its offerings.