Online mortgage lender Nesto says it has acquired mortgage finance company CMLS Group. 

CMLS Group, one of Canada’s largest independently owned real estate finance companies, offers a wide range of commercial lending services, residential mortgages and institutional services.

The combined company will have over 1,000 employees across 10 offices and more than $60 billion in mortgages under administration. Financial terms of the agreement were not disclosed.

Nesto chief executive Malik Yacoubi will be CEO of the combined company, while CMLS chief executive Sam Brown will continue as president and head of the commercial division.

The combined company expects to keep the Nesto, CMLS and Intellifi brands. 

Nesto says the deal was supported by investments from Diagram Ventures, Portage, National Bank of Canada’s corporate venture capital arm, IGM Financial, BMO Capital Partners, Fonds de solidarité FTQ and Fondaction.

This report by The Canadian Press was first published June 21, 2024.