Research In Motion (RIM) is reportedly planning to sell off a cloud services company it acquired less than a year ago as it continues to downsize its foundering business.

The company purchased NewBay for an estimated $100 million last October to boost its cloud product offerings, but now plans to divest the assets, according to reports from The Wall Street Journal and Reuters.

The sale of the assets is part of the BlackBerry maker's efforts to cut $1 billion in costs during its 2013 fiscal year by shrinking operations and laying off 5,000 employees from its global workforce.

NewBay's technology includes a platform that allows wireless subscribers to access content stored on the cloud from their smartphones or computers. Its carrier customers in the United States are currently comprised of T-Mobile USA, AT&T, Verizon Wireless and U.S. Cellular.

RIM's decision to sell NewBay is said to have stemmed from a strategic review process. The company is working to release a new portfolio of smartphones running on its BlackBerry 10 platform. 

The devices have faced multiple delays, pushing the company further behind rival smartphone models using iOS and Android. ComScore estimated that BlackBerry phones held about 11 percent of the U.S. smartphone market in June, compared to Android's 51 percent share and Apple's 32 percent share.

BlackBerry 10 phones are now expected to hit the market during the first quarter of next year, missing the critical holiday shopping season.