Plusgrade, a Montréal, Canada-based provider of revenue solutions to the global travel industry, received a CA$200 equity investment from Caisse de dépôt et placement du Québec (CPDQ).
The transaction valued Plusgrade at over CA$600 million. In the context of this deal, la Caisse acquired a portion of the shares held by TA Associates, a global growth private equity firm that will continue to be a major shareholder, alongside the management team and other investors.
The company intends to use the proceeds to execute its expansion plan, which includes penetrating new international markets and expanding its suite of products.
Founded in 2009 by Ken Harris, CEO, Plusgrade provides ancillary revenue and merchandising solutions for the global travel industry to optimize their seat inventory. The company is serving over 70 travel companies, including Air Canada, Lufthansa and Singapore Airlines, in more than 50 countries.
It is expanding its team across its Montréal headquarters and its New York and Singapore offices.