The Montreal company Plusgrade, which specializes in upgrade systems and customer bonuses in the travel sector, is acquiring the Israeli firm UpStay, which develops and manages customer bonus systems in the hotel industry.
This is the second major acquisition in less than a year for Plusgrade, which also counts the Caisse de depot et placement du Québec and the investment company Novacap among its main shareholders.
In July 2022, Plusgrade had acquired Toronto-based Points.com for approximately $495 million paid in cash to shareholders of Points.com, which was listed on the Toronto Stock Exchange and the US NASDAQ.
This time, Plusgrade is getting its hands on a company founded in 2019 in Tel Aviv, UpStay, which already serves hundreds of hotels in 17 countries with its so-called “ancillary” guest bonus and revenue management systems. in the hospitality and travel market.
PHOTO ALAIN ROBERGE, LA PRESSE ARCHIVES
Ken Harris, CEO and co-shareholder of Plusgrade
“The acquisition of UpStay is another step towards our vision of becoming the global ancillary revenue leader in the global travel industry,” said Ken Harris, CEO and co-shareholder of Plusgrade.
Resuming strong growth after an enforced hiatus during the pandemic, Plusgrade’s business now spans “more than 200 airline, hotel, cruise, rail and travel financial service providers around the world. world “.
As a result of its undisclosed acquisition of UpStay, Plusgrade expects to pass the $5 billion milestone this year in ancillary revenue generation for its business partners in all major travel market sectors .