IBM sells Weather Company to Francisco Partners investment fund – Kommersant
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IBM announced to reach an agreement in principle with the investment company Francisco Partners to sell that Weather Company and all assets related to weather forecasting. The transaction amount is not specified.
According to the press release, Francisco Partners will receive Weather Company consumer assets, Weather Channel mobile and cloud digital services including Weather.com, Weather Underground and Storm Radar, as well as Weather Company’s corporate business (products for broadcasters, media, airlines, and See also advertising technology and data processing solutions for other industries). Finally, Francisco will receive the Weather Company’s science and technology platform for weather forecasting.
However, as part of the deal, IBM will retain access to weather data that the tech company uses to train artificial intelligence models and then sells as a product to corporate customers.
IBM acquired Weather Company in 2016 for $2 billion. According to the company, it services an average of about 415 million people a month and has more than 2,000 companies as corporate customers.
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