CIBC acquires tech savvy Wellington Financial, launches CIBC Innovation Banking

FILE - A photograph of the CIBC sign in Toronto's financial district in downtown Toronto on Thursday, Feb. 26, 2009. (THE CANADIAN PRESS/Nathan Denette)

TORONTO -- 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.

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.