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RIM Bags Irish Software Company NewBay for $100 Million

BlackBerry and PlayBook maker Research In Motion has announced that it has acquired NewBay - an Irish software firm.

Apparently, RIM is planning to retain NewBay’s software development center right in Dublin. The NewBay facility in Dublin, which is going to be the first ever establishment of RIM in Ireland, currently has a workforce of 200 employees.

According to reports, NewBay staffs were informed about the company’s acquisition on Thursday. The deal has been reportedly finalised for approximately $100 million.

NewBay is primarily known for its wide range software aimed at mobile platforms that allow users to upload or share multimedia contents such as images or videos on social media sites.

NewBay enjoys over 80 million subscribers for all its ‘white label’ contents through various deals with multiple network operators such as AT&T, Verizon, Telefonica and Deutsche Telekom etc.

Meanwhile, a report by the Wall Street Journal claims that investors of RIM do not seem too amused by this current deal inked by the company.

“Investors didn't seem impressed, either. After a series of unsubstantiated rumours surfaced over the past two weeks that RIM was a buyout target for Carl Icahn or U.K. phone carrier Vodafone Group Plc., RIM shares surged as much as 14%,” read the WSJ report.