For Janney Montgomery Scott LLC, which is projected to exceed $1 billion in revenue for the first time in 2023, its capital markets business is a key vector of growth in the next five years.

And with an aim of three times growth over that span, or about 30% to 40% compound annual growth, the Philadelphia-based wealth manager and investment bank is on a path to grow its current business and add more lines of expertise through acquisition.

“There are several sectors that we’re still not in today that you’ll see us invest in and acquire,” said Joseph Culley, the head of the capital markets group at Janney. “One in the near term that we’re most keen on is technology, and software within that in particular. Horizontally, you’ll see us in our two major verticals — financials and energy.”

On Nov. 8, Janney made a splash with a deal for New York-based middle market investment bank TM Capital Corp., which has a focus on founder-led and family business clients.

TM is the firm’s third acquisition of a boutique specialist since 2018. In March 2019, Janney tacked on Atlanta-based investment bank and research firm FIG Partners LLC. FIG specialized in serving community banks. In May 2018, the privately held subsidiary of Penn Mutual Life Insurance Co. began to build another specialty area, picking up HighBank Advisors LLC, which is also focused on lower middle market M&A.

The acquisition of TM and FIG helped get Janney into new vertices.

On the financial front, Janney and FIG have continued to shepherd community bank deals in droves. In energy, Janney has built out organically, so far, though the firm, may also look at add-ons in the sector.

“You can expect to see us doing small tuck-in acquisitions, larger platform acquisitions, team lift-outs, senior lateral hiring in both our existing verticals,” Culley said.