Conduent Incorporated (NASDAQ: CNDT) announced it has entered into a definitive agreement to sell its Public Transit business to Modaxo for $164 million. The transaction is expected to close before the end of 2026, subject to customary conditions and regulatory approvals.

The Public Transit business, which operates as a unit within Conduent Transportation, includes Transit Fare Management and Fleet Management Solutions businesses. The business provides fare collection systems, fleet management systems, payment and revenue management platforms, and other hardware-enabled mobility systems globally.

"This transaction advances our strategy to simplify the portfolio, sharpen focus on our core businesses, and strengthen our financial foundation," said Harsha V. Agadi, Conduent President and Chief Executive Officer.

Conduent will retain ownership of its Tolling business segment, which provides technology for electronic tolling, roadside and back-office processing, image review, violation enforcement and analytics. The Tolling business processes more than 14 million transactions per day.

Modaxo is described as a global technology organization focused on transportation solutions. The information is based on a company press release statement.