FILE PHOTO: The Caisse de depot et placement du Quebec (CDP) building is seen in Montreal, February 26, 2014. REUTERS/Christinne Muschi

(Reuters) - Canadian pension fund manager Caisse de depot et placement du Quebec and private equity firm Novacap said they would invest in payment processor Pivotal Payments, valuing the company at about C$525 million ($424 million).

The funding would allow the Quebec-based company pursue its plan to acquire payment and fintech solutions and expand into new markets, the companies said on Wednesday.

Pivotal also offers global ecommerce services and has more than 50,000 merchants.