Conduent Announces Agreement to Sell Public Transit Business to Modaxo for $164 Million

Conduent Incorporated has entered into a definitive agreement to sell its Public Transit business, which includes Transit Fare Management and Fleet Management Solutions, to Modaxo USA Holdings, Inc. and Modaxo France Holdings SAS for $164 million. The transaction is expected to close before the end of 2026, subject to customary conditions and regulatory approvals. This sale is part of Conduent's strategy to simplify its portfolio, focus on core businesses, and strengthen its financial foundation. Modaxo, a global technology organization, is considered a strategic fit for the Public Transit business. Conduent will retain its Tolling business segment. The agreement includes customary representations, warranties, and covenants, with provisions for purchase price adjustments, holdbacks for indemnification, and a non-competition clause for Conduent. The company has also released a press release detailing this transaction and expects to file the full agreement as an exhibit to its next periodic report.