Motorola (NYSE: MOT) has sold Good Technology, the mobile messaging company it bought just two years ago, to the privately held mobile email provider, Visto, the two companies said today. The acquisition will help Visto grow its user base to better compete against Blackberry-maker Research In Motion (RIM), which dominates the mobile email market it created. Terms of the deal were not disclosed, but the WSJ.com reports that it’s highly likely that the sale netted far less than the $500 million the beleaguered handset maker paid for the company.

Motorola bought Good Technology when it was riding high on the runaway popularity of its Razr handset, one of a number of purchases and share buybacks that the WSJ.com writes helped it blow through $6.6 billion of its $11.2 billion cash pile in a single quarter. Good Technology eventually became a victim of management woes at Motorola, which shelved plans for consumer email and merged the messaging firm with its Symbol Technologies unit, which sold handheld scanners among other devices for blue-collar workers. The merged units were a misfit, with corporate email failing to gain traction among its retail, delivery services and industrial clients.

Motorola isn’t the only one rethinking corporate email services. Last year, Nokia (NYSE: NOK) cancelled its services after buying Intellisync in 2006 for $430 million. The Good Technology sale to Visto is expected to close in February.