Conduent is continuing to shed parts of its business as part of a planned divestiture with the latest portion going to Avenu Insights & Analytics.
Florham Park, N.J.-based business process services firm said it would sell its Local and Municipal Constituent Government Software Solutions business for an undisclosed amount to edge closer to cutting $1 billion in revenue associated with non-core assets.
The deal, which still needs regulatory approval, was announced Monday morning. Conduent stock closed down slightly at $18.77 at the end of trading on Monday.
Paul Colangelo, CEO of Avenu, told CRN that once it is completed, the deal -- which was financed by Mill Point Capital -- triples the number of Avenu customers from 1,000 to 3,000.
“It gives us quite an increase in presence and products and services on the administrative side,” he said. “Think of it from an adjacency standpoint. Where we’re more focused on the finance and tax modules of the local government, now were able to go very much horizontal and support them in other areas of local government.”
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
Additional disclosure: I am the author of this story and a staff writer for CRN.