Mergers and Acquistions News
Categories: IT Services & Consulting
October 7th 2011, 16:45PM
Canadian smartphone-maker Research in Motion (RIM) has acquired Irish software firm NewBay.
The deal reportedly cost $100 million (£64 million) and staff were informed of the takeover yesterday (October 6th), the Irish Times reports.
Filings indicate the Irish company had €18 million (£16 million) of revenue in 2009, but recorded a €2.7 million loss.
NewBay develops products for mobile phones that allow users to share pictures and videos in addition to updating social networking websites.
Their signature LifeCache program boasts 80 million users worldwide.
Earlier this year, the organisation announced it would be creating pre-installed software for RIM rival LG
RIM intends to keep the Dublin-based development office, which employs around 200 workers.
It was noted the acquisition will be first Irish facility for the Canadian-based firm, most famous for its BlackBerry product range.
Co-founder and editor for online mobile news publication Smart Gorillas Heather McLean recently stated "RIM needs a big injection of cool" as it lacks the ideas of its competitors. 
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