December 28, 2012
On Thursday, mobile content management company Synchronoss Technologies (NASDAQ: SNCR ) announced it has bought Irish cloud services company NewBay from Research In Motion (NASDAQ: BBRY ) for $55.5 million cash.
The deal represents a loss for RIM, which bought NewBay only last year for $100 million. Synchronoss says the purchase will be "neutral to slightly accretive" for it in 2013 on a pro forma basis. On a GAAP basis, the company expects to incur a restructuring charge in Q1 2013.
According to Synchronoss, NewBay "provides an open, white label software platform that powers cloud-based services for storing, sharing, accessing and organizing digital content across any Internet connected device."