IBM and Francisco Partners, a leading global investment firm that specializes in partnering with technology businesses, have signed a definitive agreement under which Francisco Partners will acquire The Weather Company assets from IBM. Specific terms of the transaction have not been disclosed.
Since its launch over 20 years ago, Francisco Partners has invested in over 400 technology companies, making it one of the most active and long-standing investors in the technology industry.
Alan Ni, a partner at Francisco Partners, said, “Amid the growing volatility of weather, The Weather Company’s unique set of consumer, media and industry-specific products provides mission-critical, data-driven weather insights to individuals and businesses around the world. We are excited to partner with the management team to grow The Weather Company’s robust portfolio of technology offerings and deliver a great product experience for its customers.”
The assets being acquired by Francisco Partners 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 its 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.
The Weather Company provides highly accurate weather data to consumers and businesses and is among the top 10 most trusted brands in America. Through increased investment and resources from Francisco Partners, The Weather Company will look to move beyond forecasting alone and bring new tools and experiences to users to help them understand how weather affects all aspects of their lives, starting with health and well-being.
For businesses, The Weather Company plans to offer more actionable insights so organizations can provide greater value to their customers. With its advertising platform, The Weather Company will continue to provide quality real-time experiences for the advertising and subscription media industry, while complying with all consumer privacy laws and regulations.
The Weather Company serves an average of more than 415 million people each month through its consumer-facing digital properties, including The Weather Channel mobile app and website, Weather Underground and Storm Radar, and more than 2,000 businesses across a variety of industries through its enterprise offerings.
The transaction is expected to close by the end of Q1 2024 and is subject to regulatory approvals, completion of local labor processes and other customary closing conditions.
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