Verizon to sell cloud and managed hosting service to IBM

Verizon (NYSE, NASDAQ: VZ) reveals it reached an agreement last week to sell its cloud and managed hosting service to IBM. Terms of the deal, which Verizon expects to close later this year, were not disclosed.

Verizon (NYSE, NASDAQ: VZ) reveals it reached an agreement last week to sell its cloud and managed hosting service to IBM. Terms of the deal, which Verizon expects to close later this year, were not disclosed. The two companies also agreed to work on what George Fischer, senior vice president and group president, Verizon Enterprise Solutions, termed "a number of strategic initiatives involving networking and cloud services."

"This agreement presents a great opportunity for Verizon Enterprise Solutions (VES) and our customers," wrote Fischer in the deal's announcement. "It is the latest development in an ongoing IT strategy aimed at allowing us to focus on helping our customers securely and reliably connect to their cloud resources and utilize cloud-enabled applications. Our goal is to become one of the world's leading managed services providers enabled by an ecosystem of best-in-class technology solutions from Verizon and a network of other leading providers."

Fischer added that VES will continue to invest in technology to aid its IT customers as they look to improve application performance, streamline operations, and secure information in the cloud. VES will continue to provide intelligent networking, managed IT services, and business communications toward these ends, he wrote.

The service provider recently closed the sale of 29 data centers to Equinix (see "Equinix completes Verizon data center buy").

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