MoneyDesktop, a Provo, Utah-based provider of personal financial management solutions primarily to credit unions, said this week it has acquired MyJibe, an Indiana-based PFM specialist.
MoneyDesktop now has more than 200 credit union customers for its PFM solution, and said it recently has been adding new clients at the rate of about one per business day. MyJibe had been focused on financial services and wealth management organizations as clients, the company said.
MyJibe’s co-founders, CEO Michael Langellier and CTO Brandon Dewitt, will join the MoneyDesktop staff.
“I was impressed with the potency of MyJibe’s team. They had accomplished, in software and business development, what most of our well-funded competitors were still working towards,” said Ryan Caldwell, CEO of MoneyDesktop.
Langellier had worked for several years as an enterprise account manager for financial institutions at Experian, Banker Hill, the company said, while Dewitt “nearly single-handedly built the MyJibe platform in just under a year. Brandon is an expert in the core technologies we utilize and will be incorporating into MoneyDesktop,” said MoneyDesktop’s Nathan Gardner.
“So many financial institutions treat PFM as a ‘check the box’ add-on. It’s not. As banking happens more online and less in the branch, PFM is critical to ensure banks and credit unions stay relevant to Gen X and Gen Y and can improve wallet share, stickiness, and top-line revenue,” Langellier said.
Terms were not announced.