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Tech Industry

VirtualBank acquires CMS Financial

VirtualBank, a Web-based financial services company, acquired Rockville, Md.-based CMS Financial Services, a wealth management company, VirtualBank said Monday. The 2-year-old VirtualBank also said it reported its first profit last month. North Palm Beach, Fla.-based VirtualBank, which said it acquired CMS Financial to cater to "high net worth" investors, did not disclose the terms of the deal.

VirtualBank, a Web-based financial services company, acquired Rockville, Md.-based CMS Financial Services, a wealth management company, VirtualBank said Monday. The 2-year-old VirtualBank also said it reported its first profit last month. North Palm Beach, Fla.-based VirtualBank, which said it acquired CMS Financial to cater to "high net worth" investors, did not disclose the terms of the deal.