Canadian payment processor, Pivotal Payments, gets a boost to its growth plan through an investment from private equity firm Novacap and pension fund Caisse de dépôt et placement du Québec on Wednesday. Terms of the investment were not disclosed.

According to the announcement, Quebec-based Pivotal will use the funds for strategic acquisitions. Pivotal, which focuses on payment process in merchant services, will seek out new payment and fintech solutions providers in an effort to expand into new markets.

Currently, Pivotal serves over 50,000 merchants across North America and Europe. According to the announcement, it has transacted over $14 billion on its various platforms.

In a Wednesday statement, Philip Fayer, Pivotal’s founding President and Chief Executive Officer said:

This investment marks an important step for Pivotal. We pursued an aggressive growth plan over the last few years, and we have chosen the best partners to support us going forward.

In that same statement Fayer said:

By investing in Pivotal, la Caisse is supporting the growth of a Québec business that is already well-established in its sector and focuses on innovation to expand internationally…This investment is an example of how we want to play an active role in the digitization of business so that Québec companies can be fully-equipped to benefit from the rise of e-commerce.

Read more at The New York Times and PE Hub.