“This transaction, which combines the strengths of two innovation-focused players, will allow Taxelco to step up its modernization strategy,” the company said in a press release.
Taxelco also recently bought Taxi Hochelaga, which services the city’s east end.
The three brands combined will have 1,720 vehicles on the road.
“New technology and better taxi fleet management are the keys to transforming the industry,” insisted Marc Petit, CEO of Taxelco.
Similar to Taxi Hochelaga, purchased by Taxelco a year ago, Diamond Taxi’s management, agency model and drivers (who are self-employed) will remain the same.
“Through innovative management of our operations, we put customers first while at the same time providing a favourable work environment for our taxi drivers,” said Alexandre Taillefer, XPND Capital and Taxelco founder.
Taxelco said over the next two years, it will offer drivers the chance to change their cars to an environmentally-friendly electric model.
The goal is to have at least 200 hybrid/electric cars on the road by the end of this year.
“This is a commercial transaction. We’re taking notice. As the only representatives of taxi drivers and owners, we’ll have to observe on the long run what will be the relations of these new owners with taxi drivers and taxi owners,” said Benoit Jugand, taxi union spokesperson.
Taxelco said it is also looking at opening discussions with other taxi companies across Canada.