IBM Corp. IBM, +0.20% on Wednesday confirmed the purchase of The Weather Company, which includes the Weather Channel and its related technology platforms and sensors, to enhance its cloud ecosystem. Terms of the deal, including the price, were not disclosed, but IBM said the purchase adds to the $3 billion investment IBM committed earlier this year to build out products and services in the Internet of Things. The Weather Company's cloud-based services handle 26 billion inquiries each day through its mobile app and website, according to IBM. In addition to the increased cloud-servicing capacity, the company plans to use the data provided by The Weather Company's sensors to boost its analytics offerings for business clients. Shares of IBM rose 1.3% to $139.70 in recent trade. They are down nearly 13% over the last three months, underperforming the Dow Jones Industrial Average, which is flat.

Have breaking news sent to your inbox. Subscribe to MarketWatch's free Bulletin emails. Sign up here.