Novacap and Caisse de dépôt et placement du Québec today announced an investment in Pivotal Payments, a Quebec payment processing solutions company. The transaction values Pivotal at approximately $525 million CAD.
The new shareholders will enable Pivotal to acquire new payment and fintech solutions and expand into new markets, and well as bring their extensive expertise in international business expansions.
Pivotal currently has operations throughout North America and Europe, and serves more than 50,000 merchants. They process all major credit card brands as well as Interac and UnionPay International, and over $14 billion USD is transacted on its various platforms each year. In addition to traditional point of sale services, the company also offers global e-commerce solutions, positioning them to benefit from this sector’s growth and from integrating with payment-enabled software companies.
We pursued an aggressive growth plan over the last few years, and we have chosen the best partners to support us going forward! https://t.co/e6XiARjIJ6
— Pivotal Payments (@PivotalPayments) September 27, 2017
“Novacap is especially proud to be associated with Pivotal, a business with solid roots and a promising future,” said Pascal Tremblay, President and Managing Partner at Novacap. “We are eager to begin working with Philip and his team and actively participate in his ambitious growth plan.”
“By investing in Pivotal, la Caisse is supporting the growth of a Québec business that is already well-established in its sector and focuses on innovation to expand internationally,” explained Christian Dubé, Executive Vice-President, Québec at la Caisse. “This investment is an example of how we want to play an active role in the digitization of business so that Québec companies can be fully-equipped to benefit from the rise of e-commerce.”