Verizon Communications has finalised its $1.4 billion acquisition of cloud computing server provider Terremark Worldwide.
The company claims that the acquisition will allow it to cater to the managed IT infrastructure market, and other cloud services markets, with its everything-as-a-service offerings. Under the acquisition deal, Terremark will operate as a wholly owned Verizon Communications subsidiary.
In a statement, the company stated that the first cloud based joint offerings will be released to the market later this year.
Verizon hopes to tap into the growing enterprise and government demand for cloud computing services with everything-as-a-service offerings that will involve products and professional services. The company will also be able to utilise Terremark's data centres in Miami, Culpepper and Santa Clara.
"There is a fundamental shift under way in how enterprises consume IT resources, and concluding this transaction is a turning point in Verizon's push to provide integrated, enterprise-class cloud solutions and accelerate growth in this important segment," Robert Toohey, president of Verizon Business, said in a statement.
"In the coming months, we'll leverage our collective strengths to roll out a differentiated portfolio of secure, on-demand cloud computing solutions to be delivered through a unified enterprise IT platform," he added.
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