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.
