Taxelco, the company that owns Montreal’s only electric taxi fleet, has acquired the city’s largest taxi operator.

The deal for Diamond Taxi was announced Tuesday by sources including the Montreal Gazette’s Jason Magder.

In a release, Taxelco said it will now have 1,720 vehicles ready to taxi passengers in Montreal. Diamond’s management team will stay put.

“One year after acquiring Taxi Hochelaga and eight months after launching Teo Taxi, we’ve acquired strategic knowledge and learned a great deal,” says Taillefer. “Through innovative management of our operations, we are positioning the customer at the heart of our service while providing beneficial working conditions for drivers. ”

Taxelco owns both Taxi Hochelaga and Teo Taxi. It was launched in 2015 by Quebec entrepreneur Alexandre Taillefer and XPND Capital. As Magder wrote, Taxelco entered Montreal’s taxi market armed with $250 million from investors such as Claridge Investment Ltd., Investissement Québec and the Caisse de dépôt et placement du Québec.

“The industry’s transformation is being done through the use of new technologies and more efficient fleet management,” added Marc Petit, Taxelco’s CEO. “We want to provide modern, clean, eco-friendly vehicles to artisans, independent contractors and members of Hochelaga Taxi and Diamond Taxi fleet. It will enable them to offer Montreal customers a seamless, outstanding, safe and effective experience.”

Dominique Roy is president of Diamond Taxi. The entrepreneur said that Diamond was first to create a mobile app for its customers, providing its drivers with GPS technology and the ability to accept electronic payments.

“This acquisition represents the synergy between two companies recognized for their pioneering vision, said Roy. “Diamond has always focused on innovation as a way to differentiate itslef from the competitors.”