RIM sells NewBay $55 million, millions less than it paid to acquire the company
In October 2011, RIM paid a reported $100 million to acquire cloud services company NewBay. It has since sold the subsidiary to Synchronoss for $55.5 million in cash. RIM did not see a return on its investment in NewBay, but the company made the sale as part of a strategic shift to focus on its core business of launching the BlackBerry 10 operating system and its BlackBerry Enterprise Server. Providing online services to clients like AT&T, T-Mobile, and LG was not an essential part of its plans, so RIM sold NewBay to drop the expenses and focus on BB10.
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