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.
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