International Business Machines Corporation IBM inked a pact on Tuesday to sell The Weather Company assets to Francisco Partners, a leading global investment firm. Specific terms of the transaction were not disclosed.
The Weather Company is the parent of Weather.com, Weather Underground, and Storm Radar, among others.
Francisco Partners will acquire all digital consumer-facing offerings, including enterprise offerings for broadcast, media, aviation, advertising technology, and data solutions for other emerging industries.
IBM will keep its sustainability software business, including its Environmental Intelligence Suite (EIS).
Also See: IBM's Double-Digit Growth In TP And Data & AI Not Sustainable, Predicts Analyst
"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 Rob Thomas, Senior Vice President, Software and Chief Commercial Officer, IBM.
The transaction is expected to close by the end of Q1 2024.
Also Read: AI's Forefront Impact on White-Collar Jobs: IBM's Arvind Krishna
Price Action: IBM shares are trading higher by 0.55% to $142.27 on the last check Wednesday.
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