Technology giant IBM seems to think the wind is blowing in a different direction.
The company said Tuesday that it had agreed to sell its Weather Company — a collection of digital and analytical assets it originally acquired in 2016 that were previously part of the Weather Channel — to Francisco Partners, a private equity fund that is focused on technology. Terms of the deal were not disclosed and the sale is expected to be completed by April. The sale does not include the Weather Channel cable network which is controlled by entrepreneur Byron Allen and was acquired by him in 2018.
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“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,” said said Rob Thomas, Senior Vice President, Software and Chief Commercial Officer, IBM, in a prepared statement.
The assets being sold 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 enterprise offerings for broadcast, media, aviation, advertising technology and data solutions for other emerging industries. The Weather Company will also bring its forecasting science and technology platform to Francisco Partners.
Francisco Partners envisions the Weather Company as a standalone company that can offer tools and experiences that help consumers understand how weather impacts their lives, including health and well-being. Weather Company will continue to provide quality real-time experiences for the ad and subscription media industry.
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