Software maker Synchronoss Technologies said it bought NewBay, the cloud services unit ofResearch In Motion, for $55.5 million in cash. 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, Swisscom AG and T-Mobile. Its customers in the United States include AT&T and Verizon Communications.
Synchronoss expects the acquisition to be neutral or slightly accretive to its full year 2013 financial results on an adjusted basis.
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.
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