Following reports that Research In Motion (RIMM) was looking to scrounge up cash by offloading som “minor assets,” the company has managed to sell cloud-based service provider NewBay in a deal that was confirmed late Thursday, MarketWatch reports. Synchronoss Technologies paid $55.5 million in cash for NewBay and its assets, about half the $100 million RIM spent last October to acquire the firm. If nothing else, the sale will help cover RIM’s $65 million payment to Nokia (NOK) related to the companies’ recent patent settlement.
RIM offloads NewBay at a huge loss in quest for cash
Published Dec 28th, 2012 2:30PM EST
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Zach Epstein has been the Executive Editor at BGR for more than 10 years. He manages BGR’s editorial team and ensures that best practices are adhered to. He also oversees the Ecommerce team and directs the daily flow of all content. Zach first joined BGR in 2007 as a Staff Writer covering business, technology, and entertainment.
His work has been quoted by countless top news organizations, and he was recently named one of the world's top 10 “power mobile influencers” by Forbes. Prior to BGR, Zach worked as an executive in marketing and business development with two private telcos.
