Conduent to Sell Public Transit Business to Modaxo for $164 Million
By Josh Beckerman
Conduent, which previously discussed its "fix, sell, or grow strategy," agreed to sell its public transit business to Modaxo for $164 million.
Conduent shares were up 13% after hours to $1.81.
The transit business includes transit fare management and fleet management operations. Conduent said the sale "advances our strategy to simplify the portfolio, sharpen focus on our core businesses, and strengthen our financial foundation."
Conduent's fare gates have been used by agencies including the Southeastern Pennsylvania Transportation Authority.
Conduent will retain its tolling business. The deal is expected to close before year end.
Modaxo, part of Constellation Software, has a wide range of transportation software brands in markets such as bus, rail, taxis and aviation.
In January 2017, business process services company Conduent separated from Xerox.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
May 21, 2026 18:48 ET (22:48 GMT)
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