RIM sells NewBay for $55 million

Last October RIM paid about $100 million for NewBay Software. A company that has several contracts with carriers and offers a white label branded cloud services platform called LifeCache, which allows their customers to safely store and share pictures, videos and other media.

It’s not known why RIM purchased NewBay, perhaps to compete with Apple, Microsoft, Google and all the cloud services out there. However, today it was announced that Synchronoss Technologies has acquired NewBay for a fraction of RIM’s purchase price at $55 million. According to the press release “NewBay’s cloud services are delivered to millions of user and stores billions of media files for live operator services around the world. In consideration for the acquisition, Synchronoss paid $55.5 million in cash to Research in Motion Limited, and there was no assumption of cash or debt. The transaction closed at the end of the fourth quarter of 2012.”

So this sale could mean that RIM is completely out of the cloud storage game. In BlackBerry 10 demos and screenshots it seemed that both Box and Dropbox cloud services will be available at launch. No word on how much storage will be included.

Source: NewBay
Via: CrackBerry

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