PlanetOi’ allows users to conduct polls to research consumer behaviour and enables messages to be exchanged via a social networking platform. Other features include a reward scheme for brand partners that lets them target consumers through their mobiles, and a tool that allows them to regularly communicate with customers.

The tool has been tested on around 70,000 users in MobileWave’s home market in South Africa.

Fieldbury became an “investing company” under UK stock exchange rules last year when it sold its US-based business services subsidiary Dixie Sales Company and has been on the hunt for acquisitions ever since.

The firm said that the £1.07m acquisition of MobileWave would “constitute a fundamental change of business for Fieldbury” and that the company would become a trading entity, rather than an investment one.

Fieldbury chairman Rory Stear (pictured) said: “The board believes that MobileWave is well positioned to benefit from the roll-out of a new and exiting product, the PlanetOi’ technology platform, which represents a significant opportunity for the company and its shareholders.”

Shareholders will vote on the acquisition in early August. If the motion is passed Fieldbury will change its name to MarketWave Group.