RIM (RIMM) Loses Millions on Recent Cloud-Based Storage Acquisition
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Research In Motion (Nasdaq: RIMM) is trading higher today despite losing millions on a recent acquisition.
According to a release out Thursday, Synchronoss Tech (Nasdaq: SNCR) agreed to acquire NewBay from RIM in a deal valued at $55.5 million.
However, it was reported in October 2011 that RIM acquired NewBay for its cloud-storage capabilities in a $100 million deal. That means RIM is out 45.5 percent on the transaction.
While $45.5 million might not be a big deal to some, including RIM, we think there might be better ways to blow that money. Shares of RIM are up 1.3 percent.
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According to a release out Thursday, Synchronoss Tech (Nasdaq: SNCR) agreed to acquire NewBay from RIM in a deal valued at $55.5 million.
However, it was reported in October 2011 that RIM acquired NewBay for its cloud-storage capabilities in a $100 million deal. That means RIM is out 45.5 percent on the transaction.
While $45.5 million might not be a big deal to some, including RIM, we think there might be better ways to blow that money. Shares of RIM are up 1.3 percent.
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