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Jeb Spencer hails from the East Coast but is happy with his new life in San Diego. The founder and president of a small software company, Backwire Inc., came to San Diego after Leap Wireless International acquired the company in 2001 for $18 million.
Spencer said he made some money, but not as much as some may think. "The most important thing is we made our investors a nice profit."
In 2002, Spencer joined Titan Investment Partners, a private equity firm based in Carmel Valley that invests in later stage technology companies. That same year, TIP put Spencer in charge of its major investment, Del Mar Database.
The company's product helps mortgage lenders automate the mortgage lending process and is a hot commodity in one of the biggest real estate run-ups in history. Last year's sales hit about $10 million, said Spencer.
TIP gets its...