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 Verizon Communications Announced Acquisition of Cloudswitch
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26 August 2011
Verizon Communications has announced the acquisition of CloudSwitch, a cloud software provider.
According to Verizon, the acquisition of CloudSwitch will empower Verizon to help company’s business consumers move into the cloud via combining its software with the Terremark IT subsidiary that was acquired earlier.
Now Verizon will be able to unite CloudSwitch's capabilities to various cloud implementations (private-to-public, public-to-public and hybrid) with Terremark's IT and security capabilities.
Financial details of the deal were not revealed.
This acquisition of CloudSwitch represents a trend where service providers intend to acquire cloud service companies in order to increase business revenues.
Verizon reported that company’s business revenues in Q2 received a direct growth from cloud services: the acquisition of Terremark added $98 million in revenue, the company claimed.
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