08/09/2016 07:32 EDT | Updated 08/10/2017 01:12 EDT

Taxelco purchases Taxi Diamond and now has overall fleet of 1,720 cabs

MONTREAL — Taxelco has announced the acquisition of Taxi Diamond, the biggest cab fleet in Montreal.

Taxelco, which was launched by XPND Capital in 2015, already owns two other firms — Taxi Hochelaga and Teo Taxi, an all-electric service.

The purchase will give Taxelco an overall fleet of 1,720 taxis.

Taxi Diamond's management team will remain in place.

"A year after acquiring Taxi Hochelaga, and eight months after launching Teo Taxi, we've gained key strategic knowledge and learned quite a few lessons," Alexandre Taillefer, senior partner at XPND Capital and Taxelco founder, said in a statement.

Taxelco said the the transaction will allow it to "step up its modernization strategy to meet the needs of Montrealers looking for safe, fast, and efficient professional taxi service."