Verizon Communications (NYSE:VZ) has plans to acquire Burlington based CloudSwitch.

Verizon Communications (NYSE:VZ) To Make Acquisition

Verizon Communications (NYSE:VZ), the communication service provider has acquired the Burlington, Mass., based cloud software technology player CloudSwitch.

Verizon Communications (NYSE:VZ) has plans to combine CloudSwitch with its Terremark IT services subsidiary, to speed up the company’s global cloud strategy by enhancing its hybrid-cloud and cloud-to-cloud capabilities.

Bob Toohey, president for Verizon Communications (NYSE:VZ) global enterprise unit said that, “The cloud market is a rapidly growing opportunity, with very real benefits both for our business customers and the consumers they serve. With the acquisition of CloudSwitch, Verizon has taken another step forward in defining the enterprise cloud.”

Verizon Communications Inc. (NYSE:VZ) shares were at 35.41 at the end of the last day’s trading. There’s been a 0.2% movement in the stock price over the past 3 months.

Verizon Communications Inc. (NYSE:VZ) Analyst Advice
Consensus Opinion: Hold
Mean recommendation: 2.39
(1=Strong Buy, 5=Strong Sell)
3 Months Ago: 2.39
Zack’s Rank: 11 out of 39 in the industry