Points.com Inc. (formerly Points International Ltd.) (PCOM)

Points.com Inc., known for most of its history as Points International Ltd., built software and services that let airline, hotel and other loyalty programs sell, transfer and exchange their reward points. Programs used its platform to let members buy extra miles or points, gift them, or convert them between partners, and Points earned revenue on those transactions. Its customers were the loyalty programs themselves rather than individual travelers.

The company was founded in Toronto around 2000 and listed its shares on the Toronto Stock Exchange and on Nasdaq under the symbol PCOM. Its partners included many of the world's large airline frequent-flyer programs and hotel chains, and the business grew as loyalty currencies became a major profit source for travel companies. It also offered services to credit card and retail loyalty programs.

The COVID-19 pandemic hit Points hard in 2020 as travel collapsed, but transaction volumes recovered strongly in 2021 and early 2022. In May 2022 Plusgrade, a Montreal-based company that sells upgrade and ancillary revenue software to airlines and other travel firms, agreed to buy Points for $25.00 per share in cash, a deal valued at about $385 million. The price was a large premium to the stock's prior close.

A rival bid briefly emerged, but the Plusgrade transaction was completed on June 30, 2022 through a court-approved plan of arrangement. Points became a wholly owned subsidiary of privately held Plusgrade, and its shares were delisted from both the TSX and Nasdaq shortly afterward. Holders received cash for their shares and kept no stake in the business. Points continues to serve loyalty programs as part of Plusgrade's group of travel technology companies.