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BlackBerry Maker RIM Buys Cloud Tool Provider NewBay

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Reuters: RIM, the Canadian company that manufactures BlackBerry smartphones, has purchased NewBay, an Irish company that provides tools for social networking and editing and managing photos and videos online. The company did not release details about the deal, but analysts say that it likely paid $100 million for NewBay. Analysts also suggest that RIM made the move in order to compete against the cloud-based offerings of Apple and Google.

NewBay currently has 80 million subscribers for its "white-label" content.

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