Conduent Incorporated has agreed to sell its Local and Municipal Constituent Government Software Solutions unit to Avenu Insights & Analytics, the Florham Park, N.J., company announced Monday. Conducted with Baird’s financial advising assistance, the move represents Conduent’s strategy to divest itself of $1 billion in revenue from non-core assets.
Platforms Avenu will gain in the divestiture include: government records management; software solutions for managing criminal courthouse and juror administrative functions; property tax collection and property assessment software solutions; unclaimed property collections management; pension administration software applications; and stand-alone infrastructure IT managed services.
“The sale of our CGSS business will allow us to focus on – and advance – our technology platforms that will best serve our large enterprise public sector customers and scalable business relationships,” commented, Dave Amoriell, president of Conduent.
Jean Stack, a managing director at Baird, told GovConDaily, “This transaction reflects the significant continued consolidation across state and local government services and technology markets, particularly among private equity-owned platforms.”
“This is the third state and local sell-side transaction in twelve months for the Baird investment banking team,” she added.
The deal, subject to customary closing conditions, is projected to close during 2018’s third quarter. CGSS’s 2017 revenue was approximately $113 million.