The weather forecasting company WeatherTech is making waves again after it was revealed it was being acquired by a private equity firm.
The news was first reported by Bloomberg, which cited sources.
The Wall Street Journal reported that the company has raised $2.6 billion in a Series B round led by Blackstone Group LP, which also owns a significant stake in WeatherTech.
WeatherTech, which has over 3,000 employees, provides weather forecasts, forecasts for the U.S. and Canada and forecasts for some of the world’s largest companies.
The company’s stock has risen more than 50 percent in the last year and is trading at $19.10, up from $11.75 on the Nasdaq, according to FactSet data.
The deal would make WeatherTech one of the largest weather forecasting companies in the world, according the company’s website.
The acquisition was announced by CEO Mark Belsky on Monday, according with Bloomberg.
Belski said that the new company would focus on providing weather forecasts for large markets like the U, U.K., France and Germany, while continuing to build the company into a global provider of weather and cloud data.
Weathertech was formed in 2010 by former employees of WeatherTech co-founder Robert Bresnahan, who retired in 2014 after 15 years with the company.
The business is headquartered in San Francisco and has offices in New York, London and Hong Kong.
Weather Tech was founded in 2009 and has raised over $3 billion from investors including Blackstone, which is the majority owner of Weather Tech.