Verizon and Terremark Worldwide have reached an agreement that will see the communications giant acquire the managed IT infrastructure and cloud services provider for $1.4 billion.
The move impacts Verizon’s cloud strategy by creating a stronger “portfolio of highly secure, scalable on-demand solutions to business and government customers globally through a unified enterprise IT platform and unique business cloud offerings that leverage the companies’ collective strengths.”
Terremark will retain its name and existing management while functioning as a wholly owned subsidiary.
“Cloud computing continues to fundamentally alter the way enterprises procure, deploy and manage IT resources, and this combination helps create a tipping point for ‘everything-as-a-service, ‘” said Lowell McAdam, president and chief operating officer of Verizon. “Our collective vision will foster innovation, enhance business processes and dynamically deliver business intelligence and collaboration services to anyone, anywhere and on any device.”