Verizon Communications Inc. has closed its previously announced acquisition of Terremark Worldwide Inc.
Miami-based Terremark is a managed IT infrastructure services provider that operates data centers throughout the world. Terremark will operate as a wholly owned subsidiary of Verizon, and its common stock will stop trading on the NASDAQ as of the market close today.
Verizon said the acquisition clears the way for the company “to lead the rapidly evolving global managed IT infrastructure and cloud services market."
Operating in 13 data centers in the U.S., Europe and Latin America, Terremark provides cloud computing, collocation and managed hosting services.
“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," said Robert Toohey, president of Verizon Business. "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."