Conduent, in another effort to streamline its product line, announced late last week that it has reached an agreement to sell its Curbside Management and Public Safety Solutions businesses to Modaxo for an enterprise value of approximately $260 million, including the assumption of certain indebtedness.
The sale is expected to close in the first quarter.
Conduent, based in Florham Park, is a global technology-led business solutions and services company.
As part of Conduent’s Transportation Solutions business, Curbside Management provides parking enforcement systems, and Public Safety provides automated photo enforcement systems and violations processing for state and local jurisdictions. Modaxo, a division of Constellation Software Inc., is a global portfolio company focused on transportation technologies.
For Conduent, the divestiture is an example of additional progress in its portfolio rationalization strategy that increases its focus on core competencies to create value for clients and shareholders. Conduent previously announced the pending sale of its BenefitWallet Health Savings Account business for approximately $425 million.
Conduent is committed to a seamless transition for its Curbside and Public Safety clients and associates. It also will continue to drive innovation within its Road Usage Charging and Transit businesses to enable streamlined, high-volume mobility services for clients and consumers.
