FLORHAM PARK, N.J., May 22 — Conduent Incorporated (Nasdaq: CNDT), a global technology‑driven business solutions and services provider, today announced that it has entered into a definitive agreement to sell its Public Transit business, an operating unit of Conduent Transportation, to Modaxo, a global technology organization focused on moving the world’s people. The Public Transit business consists of Transit Fare Management and Fleet Management Solutions businesses.
The sale has a purchase price of $164 million. The companies expect the transaction to close before the end of 2026, subject to customary conditions and regulatory approvals.
“This transaction advances our strategy to simplify the portfolio, sharpen focus on our core businesses, and strengthen our financial foundation. Consistent with the disciplined execution outlined in Q1, it further positions Conduent to deliver sustainable, long-term value for our shareholders, clients, and employees,” said Harsha V. Agadi, Conduent President and Chief Executive Officer. “Modaxo’s technology focus makes it a strong strategic fit for the Public Transit business and those it serves. We remain committed to delivering outstanding quality and performance for our Transportation clients as we prepare for closing and ensure a seamless transition for clients and employees.”
With global operations, the Public Transit business offers fare collection systems, fleet management systems, payment and revenue management platforms, and other hardware‑enabled mobility systems.
Conduent Transportation’s remaining Tolling business provides mission‑critical technology that enables all‑electronic tolling, roadside, and back‑office processing, image review, violation enforcement and analytics. It supports more than 14 million tolling transactions per day.
Additional details of the transaction are outlined in Conduent’s 8-K filed with the U.S. Securities and Exchange Commission (SEC) today.