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Financial News Network
October 11, 2011 AT 7:26 PM
Research In Motion (NASDAQ:RIMM) reportedly bought NewBay, an Irish mobile software developer, for $100 million, according to a Cellular News report.NewBay Software was founded in 2002 and is a privately owned company.Despite the fact that neither company has made an announcement on the deal, the Irish Times commented that NewBay staff were informed yesterday.Research In Motion has a potential upside of 26.8% based on a current price of $23.36 and an average consensus analyst price target of $29.61.