Conduent Completes $425M HSA Portfolio Transfer

Conduent Incorporated (NASDAQ: CNDT) has completed the transfer of its BenefitWallet Health Savings Accounts (HSA) portfolio to HealthEquity, Inc. (NASDAQ: HQY). This marks the final stage of the transfer, with the aggregate sale price for all three transfers totaling approximately $425 million.

As part of the company's efforts to rationalize its business portfolio, Conduent is focusing on core capabilities and striving to become more agile. According to the company's 2023 investor briefing, this portfolio rationalization is a key part of their strategy for 2024.

Cliff Skelton, President and CEO of Conduent, emphasized the significance of this transaction, stating, "This transaction marks another significant step in our efforts to streamline our portfolio, while continuing to offer industry-leading HSAs and consumer directed benefit accounts through our relationship with HealthEquity."

While Conduent has completed the transfer of its HSA portfolio, the company will continue to provide a complete portfolio of human capital solutions, including health and wealth benefit administration solutions, as they move forward.

Conduent, a global technology-led business solutions and services company, is known for leveraging cloud computing, artificial intelligence, machine learning, automation, and advanced analytics to deliver mission-critical solutions. With approximately 59,000 associates, the company's solutions and services digitally transform clients' operations to enhance customer experiences, improve performance, increase efficiencies, and reduce costs.

The company is involved in disbursing approximately $100 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year, and processing nearly 13 million tolling transactions every day.

Following these announcements, the company's shares moved -2.2%, and are now trading at a price of $3.85. For the full picture, make sure to review Conduent's 8-K report.

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