Caisse de dépôt et placement du Québec and Canadian private equity firm Novacap are investing in a Quebec-based payment processing and merchant services provider.
With operations across North America and Europe, Pivotal Payments serves more than 50,000 merchants, such as restaurants, hotels and taxis. It transacts US$14 billion on its various platforms each year, according to a news release. It also provides global e-commerce solutions.
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“By investing in Pivotal, la Caisse is supporting the growth of a Quebec business that is already well-established in its sector and focuses on innovation to expand internationally,” said Christian Dubé, executive vice-president for Quebec at the Caisse. “This investment is an example of how we want to play an active role in the digitization of business so that Quebec companies can be fully equipped to benefit from the rise of e-commerce.”
The investment will enable Pivotal to pursue its plan to acquire new payment and fintech solutions while expanding into new markets.
“This investment marks an important step for Pivotal. We pursued an aggressive growth plan over the last few years, and we have chosen the best partners to support us going forward,” said Philip Fayer, Pivotal’s founding president and chief executive officer.