CommQuest (ASX: CQU) has acquired MobiData Holdings, a former subsidiary of Mobi Limited (ASX: MBI).
CommQuest now owns 100% of MobiData Holdings, a company specialising in mobile applications.
Under the arrangement, CommQuest and Mobi will split the revenue resulting from MobiData products down the middle for the next 30 months.
Mobi was also paid $200,000 in April in return for exclusive rights to evaluate the revenue potential of MobiData applications.
But under the terms of the deal, Mobi's potential revenue will be capped at $16 million.
CommQuest is a marketing and communications firm branching out into SMS.