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Local software upstart sold after less than year in business

November 22, 2011

Indianapolis-based MyJibe LLC, an up-and-coming budgeting and personal finance software firm that was launched by two 20-something entrepreneurs last January, has already been acquired.

Provo, Utah-based MoneyDesktop, which also makes personal finance software, did not disclose how much it paid for MyJibe.

MyJibe co-founder Mike Langellier declined to elaborate on the terms of the deal, which closed last week and was announced Tuesday morning.

“It’s going to be very good for us and for the future of the business,” said Langellier, who created MyJibe with Brandon DeWitt. The pair met while working locally at Experian Information Solutions Inc. Langellier previously worked for Baker Hill, which Experian acquired in 2005.

Langellier and DeWitt plan to stay with the merged company, and MyJibe will maintain an office in the Indianapolis area, Langellier said.

MyJibe had just a handful of employees and was created with personal funds and support from Bloomington-based venture firm SproutBox.

“I was impressed with the potency of MyJibe’s team. They had accomplished what most of our well-funded competitors are still working toward,” MoneyDesktop’s CEO, Ryan Caldwell, said in a prepared statement.

MyJibe charges a monthly subscription fee of $7.99. It’s been touted as a more useful way for consumers not only to work out a savings strategy but also to plan what they need to spend ahead of time. The tool allows users to see how much discretionary money they have at any given moment.

It’s not clear how MoneyDesktop will incorporate MyJibe. MoneyDesktop, like MyJibe, also sells software to financial institutions for use by customers. MoneyDesktop said it has about 200 financial institution customers.

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