Sale to Avenu Insights & Analytics

Technology & Services
Sale to Avenu Insights & Analytics

Summary

Baird served as co-advisor to Conduent, Inc. on this transaction

About

Conduent, Inc.’s (“Conduent”) (NYSE: CNDT) Constituent Government Software Solutions Business (“CGSS” or the “Company”) has agreed to be acquired by Avenu Insights & Analytics (“Avenu”), a portfolio company of Mill Point Capital (“Mill Point”). The transaction has been publicly announced and is expected to close in in the third quarter of 2018, subject to regulatory approvals and customary closing conditions.

CGSS is a leading provider of tech-enabled services and software solutions to state and local governments. The Company brings a 40+ year legacy providing continuous support to a broad footprint of customers, including 1,400+ counties, all 50 states, and 5 countries. CGSS’ portfolio includes a broad suite of software and services offerings surrounding land and vital records management, criminal courthouse and juror administration software, property tax assessment and collection software, unclaimed property collection management, pension administration software, and stand-alone IT infrastructure management. CGSS is based in Florham Park, New Jersey.

Conduent’s divestiture and Avenu’s acquisition of CGSS illustrates the following M&A themes: corporate streamlining through divestitures and portfolio shaping, continued consolidation in the fragmented state and local software and services market, and broad private equity interest in government services.

Conduent is the world’s largest provider of diversified business services with leading capabilities in transaction processing, automation and analytics. Conduent’s global workforce is dedicated to helping its large and diverse client base deliver quality services to the people they serve. These clients include the majority of the Fortune 100 companies and more than 500 government entities. Conduent is based in Florham Park, New Jersey.

Avenu Insights & Analytics provides local governments with ways to achieve more predictable revenue that supports growth, fuels modernization and ensures compliance with mandated but underfunded programs. Avenu’s revenue enhancement and administrative solutions find and recover taxes, and license and permit fees that cities and counties struggle to collect. The insights and improved fiscal posture enables governments to deliver expected services and sustain a high quality of life for residents. Avenu is based in Herndon, Virginia.

Mill Point Capital is a middle-market private equity firm focused on control-oriented investments in the business services and industrial sectors. Mill Point works with executive partners to leverage its investment professionals' experience, while providing strategic and operational guidance designed to drive long-term value creation in its portfolio companies. Mill Point is based in New York, New York.
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Technology & Services
Sale to Avenu Insights & Analytics
Date
August 2018
Company
Conduent, Inc.’s Constituent Government Software Solutions Business
Transaction
M&A
Sectors
Technology & Services
Target Location
North America
Acquiror Location
North America

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