The Caisse de dépôt et placement du Québec is investing US$100 million in subscription commerce platform company AppDirect.
This marks the second investment from the Caisse resulting in a total US$180 million invested so far in the San Francisco-based company, according to a press release, which noted AppDirect has grown between 22 per cent and 30 per cent for the past five years.
“As part of this partnership, our new investment continues to drive the implementation of solutions essential to the digital economy, while generating stable returns for our clients,” said Marc Cormier, first vice-president and head of fixed income at the Caisse, in the release.
Read: Caisse buys stake in Brazilian energy firm subsidiary, backs Quebec-based bakery
In other news, the Caisse is backing the acquisition of supply chain solutions provider SCI Group Inc. by investee company Metro Supply Chain Inc.
The Caisse first invested in Metro Supply Chain in 2018 and this transaction marks the company’s tenth acquisition since that time. The deal is expected to close in the first quarter of 2024 and financial details of the transaction weren’t disclosed.
“We are proud to support the company in its efforts to strengthen its position as a Canadian leader, accelerate growth projects and expand activities, particularly in the U.S. and the U.K.,” said Kim Thomassin, executive vice-president and head of Québec at the Caisse, in a press release.