Dec 27 Software maker Synchronoss Technologies
Inc said it bought NewBay, the cloud services unit of
Research In Motion Ltd , for $55.5 million in
NewBay's software allows users to store, share and access
digital content across any device connected to the Internet.
Synchronoss helps companies manage the activation,
synchronization and management of connected devices.
"We believe that the combination of NewBay and Synchronoss
will further ensure the success of the significant cloud
services launch being prepared at Verizon Wireless, which
remains on schedule," Synchronoss Chief Executive Stephen Waldis
said in a statement.
NewBay's European customers include Vodafone Group Plc
, Swisscom AG and T-Mobile. Its
customers in the United States include AT&T Inc and
Verizon Communications Inc.
Synchronoss expects the acquisition to be neutral or
slightly accretive to its full year 2013 financial results on an
The company also expects a restructuring charge in the first
quarter of 2013 related to the acquisition.
Synchronoss' shares closed at $20.49 on the Nasdaq on
Thursday. They were at $20.43 in after-market trading.