PE-backed Plusgrade acquires UpStay to expand portfolio

• Plusgrade expects to expand its portfolio further in the hospitality industry with the acquisition
• This deal will also bolster the company’s scale across five verticals of the global travel industry
• Novacap invested in Plusgrade in 2021, while CDPQ invested in 2018
  

PlusGrade has acquired UpStay, a Tel Aviv, Israel-based provider of upgrade and ancillary revenue solutions for the hospitality industry. No financial terms were disclosed.

PlusGrade, based in Montreal, is a provider of ancillary revenue solutions for the global travel industry. It is backed by Novacap and Caisse de dépôt et placement du Québec (CDPQ). Novacap invested in 2021, while CDPQ invested in 2018.

The company expects to expand its portfolio further in the hospitality industry with the acquisition. This deal will also bolster Plusgrade’s scale across five verticals of the global travel industry.

“We look forward to tapping into their expertise and innovative technology to bring even more value to our now 200+ airline, hospitality, cruise, rail and financial services partners around the world, “said Plusgrade CEO, Ken Harris.

Further, the company now expects to deliver more than $5 billion in new revenue opportunities for its partners through 2023.

Novacap is a Montreal-based private equity firm with over C$8 billion of assets under management. The firm has invested in over 90 platform companies and completed more than 140 add-on acquisitions.

CDPQ is a pension system headquartered in Montreal. CDPQ’s net assets stood at C$391.6 billion as of 30 June 2022.