Skift Take
Expect more travel tech companies to mimic Plusgrade and get private equity backing to be able to do the acquisitions they need to grow during the recovery.
Plusgrade, a company that helps travel businesses persuade travelers to spend more, has a new major investor. Novacap, a private equity firm with more than $6 billion (more than $8 billion Canadian) invested in companies, has taken an undisclosed stake in the upgrade technology vendor based in Montreal.
"Plusgrade is growing a new billion-dollar category where it's the market leader," David Lewin, a senior partner at Novacap, told Skift Monday. "We're well-aligned with Plusgrade and excited not only to support the business as it continues to grow organically, but it's not a secret that we're going to be on the hunt for M&A [mergers and acquistions], both strategic and transformationa
