CNDT - Conduent Announces Agreement to Sell its Curbside Management and Public Safety Businesses to Modaxo | Benzinga
FLORHAM PARK, N.J., Dec. 28, 2023 (GLOBE NEWSWIRE) -- Conduent Incorporated (NASDAQ:CNDT), a global technology-led business solutions and services company, today announced a definitive agreement to sell its Curbside Management Solutions and Public Safety Solutions businesses to Modaxo, a division of Constellation Software Inc. (TSX:CSU). Modaxo is a global portfolio company focused on advancing people transportation solutions.
The transaction is expected to close in the first quarter of 2024. The closing is subject to the satisfaction of customary closing conditions and regulatory approvals.
"This divestiture demonstrates continued progress in streamlining our portfolio to drive increased focus on our core capabilities and enable synergistic growth to create shareholder and client value," said Cliff Skelton, Conduent President and CEO. "The proceeds from this transaction and that of our previously announced BenefitWallet transaction, will be used principally to reduce debt. We will continue to be open-minded regarding the use of capital associated with future portfolio rationalization efforts. We are committed to ensuring a seamless transition for our associates and clients while continuing to drive innovation in our road usage charging and transit businesses to enable streamlined, high-volume mobility services."
The two businesses, which support approximately 130 government clients across the globe, operate largely independent from the rest of Conduent's transportation portfolio. Curbside management provides parking enforcement systems and public safety provides automated photo enforcement processing, both for state and local municipalities.
Additional details of the transaction are outlined in Conduent's 8-K filed with the U.S. Securities and Exchange Commission (SEC) today.
About Conduent
Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating exceptional outcomes for its clients and the millions of people who count on them. The Company leverages ...