Francisco Partners Set to Acquire The Weather Company Assets from IBM
22 August 2023 - 11:00PM
Dow Jones News
By Adriano Marchese
Investment firm Francisco Partners has agreed to acquire The
Weather Company assets, including the popular Weather.com platform,
from IBM for an undisclosed sum.
The sale comes at a time when extreme weather-related events are
forcing countries to deal with more frequent and severe storms,
wildfires and heat waves.
The two companies said Francisco Partners will acquire The
Weather Company's digital consumer-facing offerings, The Weather
Channel mobile and cloud-based digital properties including
Weather.com, as well as Weather Underground and Storm Radar.
Francisco Partners will also gain control of its enterprise
offerings for broadcast, media aviation, advertising technology and
data solutions for other emerging industries, they said.
The Weather Company serves an average of about 415 million
people every month through its consumer-facing assets such as The
Weather Channel website and app for mobile devices.
As part of the transaction, IBM will retain its sustainability
software business, including the Environmental Intelligence Suite,
and IBM intends to continue to use The Weather Company's data in
the software.
Francisco Partners plans to grow its new acquisition beyond
weather forecasting. It said that it will look to bring new tools
and experiences to its users, while offering more actionable
insights to businesses and organizations.
No details of the transaction were released, but the companies
said that it is expected to close by the end of the first quarter
of next year.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
August 22, 2023 08:45 ET (12:45 GMT)
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