Conduent Incorporated is selling its kerbside management and public safety businesses to transportation company Modaxo.
These portfolios have around 130 government clients worldwide and cover solutions such as parking enforcement and fine payments, as well as automated traffic enforcement. The company says they "operate largely independent from the rest of Conduent’s transportation portfolio".
The transaction with Modaxo, a collective of tech companies involved in "people transportation", is expected to close by the end of March this year.
Conduent will concentrate on its road user charging and transit businesses.
“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 rationalisation efforts. We are committed to ensuring a seamless transition for our associates and clients."
