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Francisco Partners

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business2 years ago

IBM to Sell The Weather Channel and Weather Business to Francisco Partners

IBM is selling its weather unit, which includes The Weather Channel, Weather.com, Weather Underground, and Storm Radar, to tech-focused private equity firm Francisco Partners. The deal also includes the weather unit's forecasting science and tech platform, as well as enterprise data services. Francisco Partners plans to pivot part of the weather business to be more consumer-facing, focusing on health and well-being tools. IBM will retain access to the company's weather data for its artificial intelligence models. The sale aligns with IBM's strategy shift towards software, cloud services, and AI.

via CNBC|
#ai#business#francisco-partners
business2 years ago

Francisco Partners Secures Weather Company Assets in IBM Acquisition

Francisco Partners, a global investment firm, has signed a definitive agreement to acquire The Weather Company assets from IBM. The acquisition includes The Weather Company's digital consumer-facing offerings, enterprise solutions, and forecasting science and technology platform. IBM will retain its sustainability software business. The Weather Company aims to expand its offerings beyond forecasting and provide new tools and experiences for users, while also offering actionable insights for businesses. The transaction is expected to close by Q1 2024, subject to regulatory approvals.

via IBM Newsroom|
#acquisition#business#francisco-partners
business2 years ago

New Relic to Go Private in $6.5 Billion Deal with TPG and Francisco

Software firm New Relic has agreed to be taken private by private equity firms TPG and Francisco Partners in a $6.5 billion all-cash deal. The move comes as New Relic faces competition in the application performance monitoring space from companies like Datadog and Dynatrace. The deal offers New Relic shareholders $87 per share, representing a 15% premium to the stock's closing price on May 16. New Relic's cloud-based software helps monitor servers, databases, and user interactions, boosting efficiency for businesses. The company reported first-quarter revenue of $242.6 million, beating analysts' estimates. New Relic has a 45-day window to seek other acquisition proposals.

via Reuters|
#business#francisco-partners#new-relic
business2 years ago

New Relic to be Acquired by Francisco Partners and TPG in $6.5B Deal

Francisco Partners and TPG, in a consortium, will acquire software provider New Relic in an all-cash deal worth nearly $6.5 billion. The offer of $87 per share represents a 26% premium to New Relic's average closing price. The deal is expected to close by early 2024 and will return New Relic to private ownership after nearly nine years on the stock exchange. Major shareholders have approved the deal, and New Relic will have a 45-day "go-shop" period to consider other offers. Francisco Partners and TPG have secured financing to meet New Relic's desired valuation.

via CNBC|
#business#francisco-partners#new-relic
business2 years ago

Francisco Partners and TPG Withdraw Bid for New Relic Acquisition

Private equity firms Francisco Partners and TPG have ended talks to acquire New Relic after they failed to secure enough debt financing and could not meet the business software company's valuation expectations. The demise of the deal negotiations underscores the challenges facing private equity firms seeking to put together leveraged buyouts. New Relic has been negotiating with potential acquirers since last year, and it's possible that deal talks resume some time in the future.

via Reuters|
#business#francisco-partners#leveraged-buyouts