SVB Financial in Santa Clara, California, has acquired MoffettNathanson, an equity research firm whose coverage areas include the fast-growing technology industry.
The deal positions the buyer’s investment banking business, SVB Leerink, to expand its research coverage, SVB Financial said Monday. Until recently, SVB Leerink focused primarily on the life sciences and health care sectors.
Financial terms of the deal were not disclosed.
“The addition of technology equity research is another important step in further solidifying our place as the essential partner to innovation economy clients,” Greg Becker, president and CEO of SVB Financial, said in a press release.
The deal, which closed Dec. 10, is the latest in a string of recent moves by SVB to build out its technology investment banking division.
The unit launched in September when the $190.1 billion-asset parent company of Silicon Valley Bank
Last week, the team
SVB moved into investment banking in 2019 with its
MoffettNathanson, which is based in New York City, was founded in 2013 as a technology equity research firm. Over the years, it has added coverage of the media, communications, internet, fintech, software and services industries.
All 23 MoffettNathanson employees, including founding partners Craig Moffett and Michael Nathanson and partner Lisa Ellis, will join SVB Leerink, an SVB Financial spokeswoman said Monday in an email.
SVB Leerink has more than 350 employees, including about 50 technology investment bankers, the spokeswoman said.
In October, SVB Financial told analysts that its expansion into technology investment banking should yield an additional $150 million to $200 million in revenues for SVB Leerink in 2022.
