Modaxo to buy Conduent parking enforcement business

Conduent set to concentrate on its road user charging and transit portfolio
By Adam Hill January 2, 2024 Read time: 1 min
Transaction is expected to close by end of March this year (© ITS International | Adam Hill)

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."

Enforcement Parking & Access Control

Related Content

  • March 20, 2015
    Q-Free increases its stake in Intelight
    Q-Free has increased its stake in US traffic controller supplier, Intelight, with a five year option program which will give shareholders the option to sell shares at closing in 2015 and in five subsequent years valid from 2016. The deal will give Q-Free the opportunity to add some 15 per cent of Intelight shares to its current 10.2 per cent shareholding each year. At end of the five year period, Q-Free has the option to acquire the rest of the shares. The first transaction will be closed during the second
    Read More
  • June 22, 2012
    3M to acquire FSTech from Federal Signal Corporation
    3M has entered into an agreement to acquire the business of Federal Signal Technologies Group (FSTech) from Federal Signal Corporation for a purchase price of US$110 million in cash, subject to post-closing adjustments. 3M says the fast-growing $3 billion electronic tolling industry is projected to grow at a rate greater than 12 per cent per year as government agencies increasingly rely on tolling to fund roadway infrastructure, construction and maintenance. The company says FSTech’s solutions for electroni
    Read More
  • September 2, 2022
    IBTTA’s roll-call of excellence
    Winners of the IBTTA’s Toll Excellence Awards will be presented with their trophies during the 90th Annual Meeting & Exhibition in Austin, Texas
    Read More
  • February 8, 2021
    Cubic to be bought for $2.8bn
    CTS owner is expected to be sold to private equity firms by the end of June this year
    Read More

Highlighted Content