Conduent has agreed to sell its U.S.-based human resource consulting and actuarial business, formerly known as Buck Consultants, to private equity firm H.I.G. Capital, a news release said.
Financial terms of the deal were not disclosed.
The deal also includes Conduent's human resource consulting and outsourcing businesses in Canada and the U.K. This sale is part of Conduent's plan to divest from non-core aspects of its business over the course of the year. These businesses, which represent $278 million of the company's 2017 revenue, are part of Conduent's plan to divest up to $500 million in revenue associated with non-core businesses in 2018.
Conduent will still retain certain proprietary offerings and services connected to its core technology 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, consumer and industrials, in the release. "Together with our recent leadership hires and platform improvements, we are well positioned to help our clients modernize their HR processes, create seamless experiences for their employees and accelerate our growth in HR services."
The transaction, which is subject to certain regulatory approval and customary closing conditions, is expected to close in the third quarter of 2018.
Xerox HR Services changed its name to Conduent in January 2017 after formally separating from its parent, Xerox Corp., and becoming an independent company.
Spokespeople for Conduent and H.I.G. Capital could not be immediately reached for comment.
