Synchronoss Buys NewBay Cloud Service From RIM For $55.5 Million
Synchronoss Technologies is software-based activation and mobile content management solutions company that has acquired the NewBay cloud content service from Research In Motion. The acquisition price is believed to be worth $55.5 million. The acquisition was largely driven by a plan for Synchronoss to increase their international market presence. NewBay has offices in Seattle and is based in Ireland. Many of NewBay’s customers are based in Europe like Swisscom and Vodafone. In the U.S., NewBay counts large telecommunications companies like Verizon, AT&T, and T-Mobile as their customers.
“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,” stated Synchronoss CEO Stephen G. Waldis.
The amount that RIM paid for NewBay was around $100 million. RIM acquired the company last October.