Florham Park's Conduent sells transit unit for $164M

Conduent Inc., a global technology-driven provider located in Florham Park, announced on May 21 that it has agreed to sell its public transit business. The deal values the unit at $164 million.

The sold division includes operations for transit fare management and fleet management solutions under Conduent Transportation. Modaxo is a global company based in Mississauga, Ontario, Canada.

While this transaction impacts Florham Park directly, other New Jersey lawmakers are currently debating minimum wage increases that critics argue could hurt small businesses.