Francisco Partner To Buy The Weather Company Assets From IBM For Undisclosed Terms
(RTTNews) - IBM (IBM) and investment firm Francisco Partner announced Tuesday that the two companies have signed a definitive agreement under which Francisco Partners will acquire The Weather Company assets from IBM. Specific terms of the transaction were not disclosed.
The Weather Company will also bring its forecasting science and technology platform to Francisco Partners.
IBM will retain its sustainability software business, including its Environmental Intelligence Suite (EIS) to help clients curate, measure, report and operationalize ESG data to inform decision making, improve performance and meet regulatory requirements.
IBM intends to continue leveraging The Weather Company's weather data for EIS, which spans various climate related use cases. EIS also uses a geospatial foundational AI model powered by NASA's satellite dataset and offered as part of watsonx, IBM's AI and data platform.
Since its launch over 20 years ago, Francisco Partners has invested in over 400 technology companies.
The transaction is expected to close by the end of first quarter of 2024 and is subject to regulatory approvals, completion of local labor processes and other customary closing conditions.
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