CIBC has signed a deal to acquire Wellington Financial as part of its plan to grow its business in the fast-moving technology sector.
Financial terms of the deal were not immediately available.
The specialty finance firm will become part of CIBC Innovation Banking, a new business for the big bank (TSX:CM) focused on providing strategic advice and funding to technology sector clients.
OBJ360 (Sponsored)
Reshaping the future of health care: The seven big priorities for The Ottawa Hospital’s new campus
These planning principles reflect the hospital’s ambitious vision of the future of health care in our city.
Like many other sectors of the Canadian economy, agri-food is suffering from worsening labour shortages at several occupational levels.
Wellington Financial chief executive Mark McQueen will become president and executive managing director of CIBC Innovation Banking.
Founded in 2000, Wellington Financial has been focused on providing growth capital to early and mid-stage technology companies.
It is based in Toronto with offices in New York and California.