RIM offloads NewBay at a huge loss in quest for cash

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RIM NewBay Sale Synchronoss

RIM

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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