News Formal

IBM sells weather business to private equity firm Francisco Partners for undisclosed sum

  • 📰 globeandmail
  • ⏱ Reading Time:
  • 27 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 92%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

The sale includes The Weather Company’s consumer-focused assets such as Weather.com and Storm Radar, as well as enterprise offerings for industries including media and aviation

The Big Blue said Tuesday it plans to continue using The Weather Company’s weather data for its software offerings focused on environmental insights.

“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,” said Rob Thomas, senior vice president for software. The Wall Street Journal had reported in April that IBM was exploring a sale of its weather business in a deal that could be valued at more than $1-billion.

IBM, which missed revenue estimates for the second quarter in July, had said in January it would lay off 3,900 employees.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in CA

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

IBM sells weather business to private equity firm Francisco Partners(Reuters) - International Business Machines has agreed to sell its weather business to private equity firm Francisco Partners for an undisclosed sum, ...
Source: SaltWire Network - 🏆 45. / 63 Read more »