Terremark

Terremark Worldwide, Inc.

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Type	Subsidiary
Founded	1980 (1980)
Headquarters	Miami, USA
Services	information technology services
Revenue	$ 292 M (2010)
Net income	$ -31 M (2010)
Number of employees	859 total 260 in South Florida
Parent	Verizon Communications
Website	www.verizonenterprise.com/solutions/dynamic-cloud/

Terremark Worldwide, Inc., a subsidiary of Verizon Communications, is a provider of information technology services. Headquartered in Miami, Florida, the company has data centers in the United States, Europe and Latin America; it offers services which include managed hosting, colocation, disaster recovery, data storage, and cloud computing.

Terremark employs over 350 people at its Miami-Dade County headquarters.

History

In 1980 Manny Medina incorporated Terremark as a real estate company, constructing office buildings. During the dot-com era, an increasing number of his buildings were leased to computer data centers; over the years the company morphed into an information technology services company itself starting with the NAP of the Americas, a large data center and Internet exchange point that hosts one of the instances of the K-root of the Domain Name System.

On January 27, 2011, Verizon Communications announced it would buy Terremark Worldwide for $19 a share, in a deal valued at $1.4 billion. Medina received about $83 million from the Verizon acquisition. Verizon completed its acquisition of Terremark on April 12, 2011. Medina left the company at the time of the takeover and Terremark has gone through two presidents in one year. Currently three high ranking executives are running the business.

In October 2013, Secretary of Health and Human Services (HHS) Kathleen Sebelius revealed that Terremark, the web-hosting provider for HealthCare.gov, was the government contractor responsible for "outages that disrupted the website" when it was initially rolled out. A month later, HHS revealed that it did not renew its contract with Terremark, and instead awarded the contract for hosting HealthCare.gov to Hewlett-Packard.