The Canadian Imperial Bank of Commerce (CIBC) has acquired Wellington Financial from Clairvest Group to join its newly launched CIBC Innovation Banking unit.
CIBC Innovation Banking will look to deliver strategic advice and funding to innovative tech companies in North America throughout their development and transformational initiatives.
Clients of CIBC Innovation Banking will benefit in a number of ways including cash management and capital markets services, enabling them to both grow and innovate.
“Developing, growing and implementing new technology is critical to driving the innovation economy,” said Roman Dubczak, Managing Director and Head, Global Investment Banking, CIBC. “At CIBC, we are embracing the opportunity to help early and mid-stage technology companies compete and accelerate growth in this fast-evolving and growing sector.”
Wellington Financial has been acquired to enable CIBC to expand its technology-based expertise and capabilities in this sector, allowing the bank to grow its portfolio.
“CIBC shares our razor-sharp focus on what is now a core sector of the North American economy,” said Mark McQueen, President and Executive Managing Director, CIBC Innovation Banking.
“We are excited to join the team and look forward to continuing to serve the needs of entrepreneurs and venture capital funds with a broad range of capital solutions to grow their businesses and compete in a dynamic industry.”
The financial terms of the deal are yet to be disclosed.