PE-backed The Weather Channel has announced an agreement to acquire Web-based weather-data provider Weather Underground. The deal for Weather Underground, which has offices in Ann Arbor, MI, and San Francisco, is expected to close in several weeks. Weather Underground was founded in 1995 as a spin-off of a University of Michigan project and will continue to operate as a separate entity with its own brand and content.
Since the beginning of 2007, PE firms have invested in 52 U.S. companies focused on Information Services, according to the PitchBook Platform. Deal flow peaked in 2007, with 22 deals closing, but 2008 attracted the most capital with $2.17 billion invested. The recent add-on acquisition of Weather Underground was the fourth deal in the Information Services industry so far this year, bringing total investment in the sector just short of $1 billion in 2012.
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