RIM sells off NewBay cloud service subsidiary

Research In Motion has found a buyer for NewBay, the company it acquired in October 2011. It bought the company that offers media and social sharing tools for about US$100 million but sold it to Synchronoss Technologies, a company that provides software-based activation and mobile content management solutions for connected devices for US$55.5 million in cash.

“By adding NewBay’s technology assets and millions of subscribers, this transaction further establishes Synchronoss as the clear leader in providing cloud based mobile content services for mobile operators around the world. By combining our strengths, Synchronoss will deliver the most comprehensive, scalable and secure cloud platform, and we will significantly expand our early market share leadership position,” said Stephen G. Waldis, Chief Executive Officer of Synchronoss.

RIM had been looking to sell off its NewBay, a RIM subsidiary, since last August.

No explanation was given for the sale but it’s likely that RIM is completely focused on BlackBerry 10. The NewBay sale was likely part of its efforts to streamline operations.

Read more: Synchronoss (Source: N4BB)