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RIM offloads NewBay at a huge loss in quest for cash

Zach Epstein

RIM NewBay Sale Synchronoss

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.

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This article was originally published by BGR