https://finance.yahoo.com/news/francisco-partners-acquire-weather-company-120000245.html
14 replies (most recent on top)
They only kept it this long as it was actually profitable. Perhaps not hugely - but profitable.
Ginni will probably try to run for president of the USA like that other ex terrible leader of Hewlitt Packard, Carly Fiorina.
@xif+1oe8EfeK You hit the nail on the head about Ginny - she was such a failure as a CEO and has the audacity to write a book about 'leadership' and better still the women shills think it's the best book ever written and they even quote it in their promotion messages!
People don't like to admit loudly what everyone's thinking and i.e she was a DEI hire to show how women make good leaders - her track record is proof they don't!
As a shareholder I am tired of all the equity promotions - I want to see the best he/she/they for the job, no matter what color they are or what they feel personally - that is called true meritocracy. Unless we all say this out loud, I see no hope for companies!
In another thread a poster stated the future of IBM is based on Enterprise vs non-enterprise engagements. This actually makes a lot of sense especially when you consider what they have been purchasing vs selling. Watson Health = non enterprise, weather - non-enterprise, Kyndryl = mostly commodity/non-enterprise. Apptio = enterprise focused, NS1 = enterprise focused, Step Zen = enterprises focused, Octo = federal govt enterprise focus etc etc etc The current CEO/CFO seem to be building out the hybrid enterprise cloud at the expense of dumping Ginni’s non-enterprised moon shots. If true at least they are sticking to one strategy instead of grabbing at the next shinny object
IBM going to sell whatever they can to get money to pay for all the other companies they brought still trying to play catch up
There were parts of Watson Health the remained with IBM after it was sold off that are tucked in under Weather. Wonder if those will be going with Weather in this sale.
Ginni reminds me of Wiley E Coyote in the road runner cartoon “Super genius” God is there anything this woman did right as CEO? I guess she did get the buy high and sell low correct
This is the operative line
While the acquisition made some sense for IBM back in 2016, it included consumer-facing applications and websites. IBM is very much not a consumer-facing company.
https://www.fool.com/investing/2023/08/23/ibm-dumps-weather-business-as-transformation-conti/
I remember when they announced the acquisition, people (inside and outside) were make fun at IBM for confusing the weather with cloud. Haha.
Now maybe the weather will get better. Under IBM's stewardship, there have been more storms than ever before.
AK is having a fire sale. He’s selling all of Ginni’s purchases for Pennies on the dollar. It reinforces Ginni’s family code of arms “how do you make a small fortune at IBM, start with a big one” Heck of a job IBM board Can you name one thing over Ginni’s tenure that went correctly???
- Missed Cloud completely
- Sold micro-electronics to GF and sole sourced manufacturing (caused IBM’s 3 year technology lead in Power and mainframe to go away and ensured Powers demise as Intel caught up and is viewed as good enough)
- Sold Intel servers when the world was moving toward them
- Embraced CAMSS as the future strategy, and that has resulted in cloud being redefined as hybrid cloud, analytics being redefined as AI, mobile being abandoned, social being abandoned, and security being redefined as systems. (think mainframe) Now that’s a truly BIG miss with a shotg-n blast. The only one that got close was AI
- Doubled down on GTS services until the 7% yearly revenue yoke was unsustainable
- Bought every fad shiny object that AK now has to sell for 20-30 cents on the dollar
- Embraced Linux on Power when the world moved to Linux on Intel
- Eliminated a skilled workforce when the world was hiring
That’s a 10 year legacy that’s going to be very very hard to beat
"Specific terms of the transaction were not disclosed."
So IBM lost their a$$es on the deal, as usual. Good job, Ginni, what a legacy.
That was the strange acquisition.
Good. Another id--tic failed Ginni moonshot that never made sense.
Surprised it took them this long. Happy for any weather folks.