Synchronoss Technologies bought NewBay, Research In Motion’s (RIM) cloud services...
Synchronoss Technologies bought NewBay, Research In Motion’s (RIM) cloud services subsidiary. Synchronoss said it hopes the completed $55.5 million deal, announced late Thursday, will enhance its cloud-based mobile content services. The acquisition will also enhance Synchronoss’s international presence, said company…
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CEO Stephen Waldis in a news release. NewBay’s European customers include Verizon Wireless co-owner Vodafone, Orange, Swisscom and T-Mobile, Synchronoss said (http://xrl.us/bn8bnk). Synchronoss got a “good deal” on its NewBay purchase, Wells Fargo analyst Gray Powell said in an email to investors. RIM bought NewBay for $100 million in October 2011, shortly after Synchronoss filed a lawsuit against NewBay for patent infringement on its data sync and transfer technology, Powell said. The deal will likely accelerate Synchronoss’s cloud deployment with Verizon Wireless, and likely gives the company a “foothold to up sell cloud services to multiple carriers,” he said. “Note -- [Synchronoss] is already testing cloud services with AT&T and has an early stage relationships with Orange.” Waldis said he believes the deal “will further ensure the success of the significant cloud services launch being prepared at Verizon Wireless, which remains on schedule."