IBM decided to sell the Weather Company's assets to Francisco Partners.

Summary：IBM has agreed to sell Weather Company assets to Francisco Partners without revealing the amount. Francisco Partners plans to buy the digital business, highlighting weather data use for health and wellness innovation.

IBM has reached an agreement with Francisco Partners to sell its stake in The Weather Company to the global investment firm Francisco Partners for an undisclosed amount.

The specific terms of the transaction were not disclosed, but Francisco Partners will acquire The Weather Company's digital consumer business, including its mobile and cloud-based assets, such as Weather.com, Weather Underground, and Storm Radar.

The Weather Company also offers enterprise-level services and conducts internal business in forecasting and data science. The brand was acquired by IBM in 2016 and serves up to 415 million people and 2,000 businesses monthly.

IBM stated that its Environmental Intelligence Suite (EIS) will continue to utilize data from The Weather Company. This technology firm uses the platform for climate-related use cases, incorporating artificial intelligence models based on NASA satellite data.

Francisco Partners raised $17 billion in new investment capital in July. The firm plans to provide new tools for users and businesses, including how weather impacts health and wellbeing. Francisco Partners has been established for 20 years, and it has invested in or acquired over 400 technology companies.

Rob Thomas, Senior Vice President of the IBM Software Division, stated in an announcement that this sale is part of the company's core strategic shift towards a hybrid cloud and artificial intelligence enterprise.

Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

The End

Previous Next

Comments

Written byTraderKnows

Created date:2023-08-23 10:21

Last Updated:2024-05-07 09:04

Independent Analysis: Manually researched and fact-checked by the TraderKnows Compliance Team, based on public regulatory records.

Wiki

Acquisition Cost

In accounting, acquisition costs are typically capitalized and allocated over future accounting periods to reflect the matching of costs and benefits of the transaction.