Yahoo's acquisition of enterprise app studio Tomfoolery has now been closed, a source familiar with the deal said. The Internet giant will also be shutting down Tomfoolery's existing business and its Anchor app, according to TechCrunch.

It is not yet clear whether Yahoo plans to revive Anchor and other plans of Tomfoolery as consumer or enterprise products, the report said.

Under the terms of the acquisition deal, the app startup's four co-founders will be teaming up with Yahoo SVP Jeff Bonforte on some projects. Tomfoolery CEO Kakul Srivastava, VP of platform Simon Batistoni, chief product officer Sol Lipman, and VP of mobile Ethan Nagel will be be working with Bonforte in the Communications division of the Internet firm. The products in that unit include the mobile and desktop versions of Yahoo Mail, Contacts, Messenger, and Calendar, the report detailed.

The fate of the rest of Tomfoolery's team members is still unconfirmed, the report noted.

In addition, the value of the transaction is also not yet clear. A report by The Wall Street Journal pegged the price of the deal at $16 million, TechCrunch reported.