The deal is aimed at fostering innovation, enhancing business processes and delivering business intelligence and collaboration services on any device, said Verizon.
The planned acquisition will help move Verison in the direction of implementing its "everything-as-a-service" cloud strategy, according a report by Digital Trends.
Verizon said it plans to operate Terremark, which runs three data centers in the US, Europe and Latin America, as a wholly-owned subsidiary with the same name and current management team.
This story was first published by Computer Weekly