MoneyDesktop, a provider of personal financial management software, said it has acquired MoneyReef, a mobile PFM specialist.
Both companies are based in Provo, Utah. MoneyDesktop said the acquisition – at least its second – will accelerate its mobile initiatives. Terms were not disclosed.
“Increasing our clients' loan volume has always been our top priority and PFM adoption and usage is where it all begins. The MoneyReef team had a solid understanding of this and were developing mobile applications where the user experience was designed specifically to move the needle on user adoption and engagement,” said MoneyDesktop CEO Ryan Caldwell.
MoneyReef executives, meanwhile, noted MoneyDesktop’s rapid growth. MoneyDesktop said it has partnered with 25 online banking, core processing and payment network providers and signed more than 310 credit unions and other financial institutions in the past two years.
“Its path to market, partnerships with established online banking providers and vision beyond PFM made joining forces an obvious decision.” said Jason Cragun, president of MoneyReef.
MoneyDesktop also said it is now finalizing its iPad application – a best of show winner from the Finovate spring show – expected to launch in the third quarter of this year.