Herndon, VA – August 6, 2018
Avenu Insights & Analytics (Avenu), a portfolio company of Mill Point Capital, has entered into an agreement to acquire the assets and operations of the Local and Municipal Constituent Government Software Solutions business of Conduent Incorporated (NYSE: CNDT). The purchase positions Avenu as a leading provider of solutions used by jurisdictions to manage service delivery across multiple agencies.
The sale, which primarily includes software solutions for Conduent’s local and municipal government clients, gives Avenu a combined customer base of nearly 3,000 in the 50 states and Canada. These jurisdictions use a portfolio of more than 50 products consisting of:
- Government Records Management (land/vital records)
- 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
- Stand-alone infrastructure IT managed services
“Local governments face extraordinary and growing challenges including pension pressures, infrastructure costs, and changing business environments and market participants. These factors, combined with increasing service requirements of their constituents, create formidable obstacles to planning, funding, and service delivery,” says Avenu CEO Paul Colangelo. “Avenu has the knowledge, expertise and commitment to provide these services to local governments, empowering them to better serve their constituents.”
Comments Avenu Chairman Craig Adler, “We’ve reached this milestone because we have listened to our customers and made the investment so that we can continue providing relevant revenue enhancement and administrative solutions to local governments.”
The transaction, which is subject to certain regulatory approval and customary closing conditions, is expected to close during the third quarter of 2018.
About Avenu Insights & Analytics
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. For more information, visit www.avenuinsights.com.
About Mill Point Capital
Mill Point Capital is a middle-market private equity firm focused on control-oriented investments in the business services and industrial sectors. The firm 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, NY. For more information, please visit www.millpoint.com.
Conduent creates digital platforms and services for businesses and governments to manage millions of interactions every day for those they serve. We are leveraging the power of cloud, mobile and IoT, combined with technologies such as automation, cognitive and blockchain to elevate every constituent interaction, driving modern digital experiences that are more efficient, helpful and satisfying. Conduent’s differentiated offerings touch millions of lives every day, including two-thirds of all insured patients in the U.S. and nearly nine million people who travel through toll systems daily. Whether it’s digital payments, claims processing, benefit administration, automated tolling, customer care or distributed learning – Conduent serves a majority of the Fortune 100 companies and more than 500 government entities. Learn more at www.conduent.com.