Conduent Inc. is selling its consulting business formerly known as Buck Consultants.
This week, the company announced a deal with a private equity investment firm, H.I.G. Capital, to sell its Canada- and Britain-based human resources consulting and outsourcing businesses. The deal also includes Conduent’s U.S.-based human resources consulting and actuarial business.
The business, formerly known as Buck Consultants, was part of Xerox Corp. before it separated into two separate companies last year.
The North American and British businesses represent approximately US$278 million of Conduent’s 2017 revenue. The sale is part of the company’s plan to divest up to US$500 million this year in revenue associated with non-core assets.
Read: Xerox splits off HR business, Buck Consultants becomes Conduent
As part of the deal, Conduent will keep specific assets related to its technology platform business, including Human Resources Outsourcing, Total Benefits Outsourcing, BenefitWallet and RightOpt.
“With this divestiture, our human resource services business is now built around a diverse set of services supported by a portfolio of digital business platforms,” said Christine Landry, group chief executive of consumer and industrials at Conduent, in a press release.
“Together with our recent leadership hires and platform improvements, we are well positioned to help our clients modernize their human resources processes, create seamless experiences for their employees and accelerate our growth in human resources services.”
The company expects the transaction to close in the third quarter of 2018.
Read: Aon to sell benefits administration and HR outsourcing platform