Novacap, Caisse co-invest Pivotal, which values the company at $430m

Pivotal Payments has closed a co-investment deal from Canadian pension firm Caisse?de d?p?t et placement du Qu?bec?and PE firm Novacap.

The deal values Pivotal Payments at $430m, and will allow it to pursue its plan of buying up other FinTech platforms and expand into new markets according to a statement regarding the investment.

Pivotal is an end-to-end payment platform?offering e-commerce?and payment processing solutions to more than 50,000 merchants. It has up to $14bn transacted through its platform on a yearly basis and?runs operations in North America and Europe.

It is unclear which vehicle Novacap used to finance the deal, but it recently closed its fifth fund, soaring past its target by 40 per cent, rounding up $840m. The firm closed?its fourth?a year before, rounding up $470m. For this vehicle, it received an $80m commitment from Caisse.

Novacap managing partner Pascal Tremblay said, ?Novacap is especially proud to be associated with Pivotal, a business with solid roots and a promising future.

?We are eager to begin working with Philip and his team and actively participate in his ambitious growth plan.p>

FT Partners acted as financial advisor to Pivotal.

Earlier this year, CDPQ invested $100m into payment and invoice processor AvidXchange.?

Copyright ? 2017 FinTech Global

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