News Column

Wells Fargo Bolsters Technology Banking Division in U.S.

January 29, 2014

Wells Fargo & Company is expanding its Silicon Valley -based Technology Banking Division coast-to-coast. According to a release, after opening new offices in Boston and Seattle in 2013, the division is planning to expand to New York this year. "The rapidly expanding technology sector and the wealth around it are driving the country's economic growth," said Eric Houser , a 16- year Wells Fargo Commercial Banking veteran based in Silicon Valley who has been named head of the company's Technology Banking Division, which was established in 1999. " Wells Fargo's focus is to serve clients from start-up to large corporation." For example, Wells Fargo reported, it was an early-stage banking partner and maintains a relationship with Tesla Motors , the Palo Alto, Calif. , designer and manufacturer of electric vehicles founded by Elon Musk . Another growing startup that Wells Fargo has supported since the company's founding is BrightSource Energy, which is currently building the largest solar plant in the world in California's Mojave Desert. Additionally, also among Wells Fargo Technology Banking Division's customers is PitchBook, an independent research firm for the private equity and venture capital sectors. Founded in 2007 by John Gabbert and headquartered in Seattle , the company now employs 175, opened a New York office, and has quickly become one of the leading information resources for the venture capital and private equity industries, including Wells Fargo as a customer. "The Technology Banking Division has been a perfect partner for us as we've rapidly grown our company and our base of clients around the globe," said Gabbert. "At PitchBook, we are passionate about innovation, technology, reliability and client service, so it is great to work with Wells Fargo who shares these same core values. They know our industry, they know our business, and they consistently exceed our expectations." Wells Fargo Technology Banking Division is divided into four Specialty Groups: -Technology serves companies from inception through commercialization, global expansion, and liquidity. There are subgroups for Start-up Services, Venture Banking, and Middle Market. Key sectors: software, hardware/networking, semiconductor, internet/ digital, media/advertising, and payments. -CleanTech serves businesses that manufacture, market or develop clean technology products and services. -Life Sciences serve pharmaceutical, medical device, health care information technology, biotech, and diagnostic industries through all stages of growth: from research and development to product launch, commercialization, and global expansion. -Venture Fund Services provides financial solutions for venture capital and private equity funds focused on technology industries. All Technology Banking Division offices provide loan, treasury management, deposit, international financial services, and investment banking - among other services - to a broad range of technology companies. Wells Fargo Commercial Banking serves middle market businesses and is a commercial bank. Wells Fargo & Company is a nationwide, diversified, community- based financial services company. ((Comments on this story may be sent to newsdesk@closeupmedia.com ))


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