Through Investissement Quebec, the Quebec government is investing $54.8 million into AppDirect as part of a deal that will create 730 jobs in Montreal.
AppDirect, a leading subscription commerce platform, currently has around 800 employees, of which 190 are already based in Montreal. The expansion will make Montreal AppDirect’s Canadian headquarters with more than half of the company’s total workforce.
Last year AppDirect announced investments of USD $185 million from global institutional investor Caisse de dépôt et placement du Québec (CDPQ) and existing investors. The $185 million in funding brought the total equity raised by AppDirect to approximately $465 million.
Since its funding round in 2015, AppDirect has experienced tremendous growth across all indicators – increasing Gross Merchandise Value (GMV) more than 1500 percent since 2015 to over US$1 billion, expanding its global footprint, and servicing more than 2000 merchants around the globe.
“AppDirect sends a strong signal by choosing Montreal,” Quebec Premier Francois Legault said in a statement. “It sends the signal that Quebec is one of the best places in the world to invest in information technology, which reinforces our metropolis’ status as an innovation hub in North America.”
The Quebec government’s announcement follows news of other technology companies expanding their presence in Montreal. Tata Consultancy Services announced earlier this week that it would open a new office in Montreal and hire 500 employees.