Synchronoss Buys NewBay From Research In Motion for $55.5 Million
On Thursday, mobile content management company Synchronoss Technologiesannounced it has bought Irish cloud services company NewBay from Research In Motion 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."
The article Synchronoss Buys NewBay From Research In Motion for $55.5 Million originally appeared on Fool.com.Fool contributor Rich Smith has no positions in the stocks mentioned above. The Motley Fool has no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.