IBM has sold its weather business to Francisco Partners, a private equity firm.

(Reuters)​ – International Business ⁢Machines has agreed to sell its weather business to private equity firm Francisco Partners for an undisclosed sum, ⁣the technology services giant said on Tuesday.

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. IBM will retain⁤ its ⁤sustainability software business.

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

The so-called Environmental Intelligence Suite uses a NASA-powered model and is ⁣offered as part of Watsonx, IBM’s artificial intelligence (AI) and data platform.

“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.

IBM declined​ to give more details ⁣on the ⁤sale. Francisco Partners did not immediately respond to a⁢ request for comment.

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.

The sale underscores a broader‍ retrenchment in the tech industry this year as companies cut costs to offset a slowdown in demand from inflation-wary consumers and businesses.

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

But the company has been investing in its cloud offerings and announced a $4.6 billion all-cash ⁢buyout of technology spend-management platform Apptio in June.

The deal ‌with Francisco Partners​ is ⁣expected to close in the‌ first quarter of ​2024 and is subject to regulatory⁢ approval.

(Reporting by Arsheeya Bajwa in Bengaluru; Editing by Pooja Desai)

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