Sale demonstrates continued progress in
Conduent’s strategy to streamline its portfolio to drive increased
focus on its core capabilities and enable synergistic growth
Conduent Incorporated (Nasdaq: CNDT), a global technology-led
business solutions and services company, today announced it has
successfully completed the sale of its Curbside Management
Solutions and Public Safety Solutions businesses to Modaxo, a
division of Constellation Software Inc. (TSX: CSU). The signing of
the transaction was announced on December 28, 2023. The sale has a
purchase price of $230 million.
“This divestiture marks another significant step in our efforts
to concentrate on our core capabilities and foster growth that
benefits both our shareholders and clients,” said Cliff Skelton,
Conduent President and CEO. “With the completion of this sale, our
focus remains on a smooth transition for our team members and
clients as we continue to execute our growth strategy and advance
toward our deployable capital goal.”
As outlined during Conduent’s 2023 investor briefing, the
company set on a course to rationalize its business portfolio to
increase focus on core capabilities, become more nimble, and
enhance shareholder and client value.
Conduent will also continue to drive innovation in its Road
Usage Charging Solutions and Transit Solutions businesses to enable
streamlined, high-volume mobility services. The sale to Modaxo has
no impact on these businesses.
Additional details of the transaction are outlined in Conduent’s
8-K filed with the U.S. Securities and Exchange Commission (SEC)
today.
About Conduent
Conduent delivers digital business solutions and services
spanning the commercial, government and transportation spectrum –
creating valuable outcomes for its clients and the millions of
people who count on them. The Company leverages cloud computing,
artificial intelligence, machine learning, automation and advanced
analytics to deliver mission-critical solutions. Through a
dedicated global team of approximately 59,000 associates, process
expertise and advanced technologies, Conduent’s solutions and
services digitally transform its clients’ operations to enhance
customer experiences, improve performance, increase efficiencies
and reduce costs. Conduent adds momentum to its clients’ missions
in many ways including disbursing approximately $100 billion in
government payments annually, enabling 2.3 billion customer service
interactions annually, empowering millions of employees through HR
services every year and processing nearly 13 million tolling
transactions every day. Learn more at www.conduent.com.
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Trademarks
Conduent is a trademark of Conduent Incorporated in the United
States and/or other countries. Other names may be trademarks of
their respective owners.
Forward-Looking Statements
This press release may contain “forward-looking statements” as
defined in the Private Securities Litigation Reform Act of 1995.
The words “anticipate,” “believe,” “estimate,” “expect,” "plan,"
“intend,” “will,” “aim,” “should,” “could,” “forecast,” “target,”
“may,” "continue to," “endeavor,” "if,” “growing,” “projected,”
“potential,” “likely,” "see," "ahead," "further," "going forward,"
"on the horizon," “enable,” “strategy,” and similar expressions
(including the negative and plural forms of such words and
phrases), as they relate to us, are intended to identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. All statements other
than statements of historical fact included in this press release
are forward-looking statements, including, but not limited to,
statements regarding Conduent’s focus on continuing to provide a
seamless transition for team members and clients as Conduent
executes its growth strategy and advances towards its deployable
capital goal, expectations that Conduent will continue to drive
innovation in its Road Usage Charging Solutions and Transit
Solutions businesses to enable streamlined, high-volume mobility
services, and Conduent’s strategy to streamline its portfolio to
drive increased focus on its core capabilities and enable
synergistic growth, as well as to rationalize its business
portfolio to increase focus on core capabilities, become more
nimble, and enhance shareholder and client value. These statements
reflect our current views with respect to future events and are
subject to certain risks, uncertainties and assumptions, many of
which are outside of our control, that could cause actual results
to differ materially from those expected or implied by such
forward-looking statements contained in this press release, any
exhibits to this press release and other public statements we make.
Important factors and uncertainties that could cause actual results
to differ materially from those in our forward-looking statements
include, but are not limited to: Conduent’s ability to realize the
benefits anticipated from the sale of its curbside management and
public safety businesses; unexpected costs, liabilities or delays
in connection with the transaction; the significant transaction
costs associated with the transaction; negative effects of the
announcement, pendency or consummation of the transaction on the
market price of our common stock or operating results, including as
a result of changes in key customer, supplier, employee or other
business relationships; the risk of litigation or regulatory
actions; our inability to retain and hire key personnel; the risk
that certain contractual restrictions contained in the definitive
transaction agreement could adversely affect our ability to pursue
business opportunities or strategic transactions; and other factors
that are set forth in the “Risk Factors” and other sections of our
Annual Report on Form 10-K, as well as in our Quarterly Reports on
Form 10-Q and Current Reports on Form 8-K filed with or furnished
to the Securities and Exchange Commission. Any forward-looking
statements made by us in this press release speak only as of the
date on which they are made. We are under no obligation to, and
expressly disclaim any obligation to, update or alter our
forward-looking statements, whether because of new information,
subsequent events or otherwise, except as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240501849937/en/
Media: Sean Collins, Conduent, +1-310-497-9205,
sean.collins2@conduent.com Neil Franz, Conduent, +1-240-687-0127,
neil.franz@conduent.com
Investor Relations: Giles Goodburn, Conduent,
+1-203-216-3546, ir@conduent.com
Conduent (NASDAQ:CNDT)
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