RIM Takes a Bath on NewBay Sale (Updated)

Research In Motion has finally found a buyer for NewBay, the provider of white-label cloud-based content services it acquired last October for a price somewhere around $100 million.

Synchronoss Technologies has agreed to buy the company from RIM, though at a price significantly lower than the struggling handset maker paid for it: $55.5 million. The transaction includes all NewBay assets and intellectual property with the exception of $3 million in cash, which RIM will retain.

That’s quite a discount, with RIM eating roughly half of the cost of the original acquisition. It’s a bittersweet transaction for the company, which was at last able to sell off an asset it had been looking to unload, just at a lousy price.