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Modaxo Inc., a Canadian technology company serving the people-transportation sector, acquired the Public Transit business of Conduent Incorporated, a New Jersey-based business services company. The business comprises the Transit Fare Management and Fleet Management Solutions units and now operates under Modaxo as Novvan (fare collection) and Routeward (fleet management and transit reliability). The agreement was announced and signed on May 21, 2026. Conduent, through its subsidiary Conduent Business Services, LLC, agreed to sell all equity interests of Conduent Transport Solutions, Inc. and certain subsidiaries to Modaxo USA Holdings, Inc. and Modaxo France Holdings SAS. The purchase price is US$164 million, subject to adjustments for minimum cash, net tangible assets, indebtedness and transaction expenses. Conduent's June 30, 2026 Form 10-Q discloses holdbacks of $10 million, $12 million and $0.4 million, and $15 million in cash to be delivered with the business at closing (currency not labeled in the filing). Modaxo announced completion on October 1, 2026, and describes the deal as its largest acquisition to date, adding more than 2,000 employees in 15 countries. Conduent's separate agreement to sell its Tolling business to Quarterhill Inc. is not part of this record.
Parties
Company
Modaxo Inc.
Company
Conduent Incorporated
Deal Type
Merger & AcquisitionIndustry
Tech/Computer/ITTransaction
$ 225,000,000Deal Status
ClosedClosing Date
01 October 2026