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Local software upstart sold after less than year in business

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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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  • Excellent example of a startup gone right
    Congrats to Mike and Brandon. A perfect example for other startups in Indy
  • Congrats
    Congratulations to the MyJibe team!

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  1. Apologies for the wall of text. I promise I had this nicely formatted in paragraphs in Notepad before pasting here.

  2. I believe that is incorrect Sir, the people's tax-dollars are NOT paying for the companies investment. Without the tax-break the company would be paying an ADDITIONAL $11.1 million in taxes ON TOP of their $22.5 Million investment (Building + IT), for a total of $33.6M or a 50% tax rate. Also, the article does not specify what the total taxes were BEFORE the break. Usually such a corporate tax-break is a 'discount' not a 100% wavier of tax obligations. For sake of example lets say the original taxes added up to $30M over 10 years. $12.5M, New Building $10.0M, IT infrastructure $30.0M, Total Taxes (Example Number) == $52.5M ININ's Cost - $1.8M /10 years, Tax Break (Building) - $0.75M /10 years, Tax Break (IT Infrastructure) - $8.6M /2 years, Tax Breaks (against Hiring Commitment: 430 new jobs /2 years) == 11.5M Possible tax breaks. ININ TOTAL COST: $41M Even if you assume a 100% break, change the '30.0M' to '11.5M' and you can see the Company will be paying a minimum of $22.5, out-of-pocket for their capital-investment - NOT the tax-payers. Also note, much of this money is being spent locally in Indiana and it is creating 430 jobs in your city. I admit I'm a little unclear which tax-breaks are allocated to exactly which expenses. Clearly this is all oversimplified but I think we have both made our points! :) Sorry for the long post.

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