August 8, 2018: Avenu Insights and Analytics, a Herndon, Va., government technoloy contractor, has acquired the government software business of Conduent Inc., a $6 billion publicly held company based in New Jersey. The deal is another example of a large company divesting its government services business and expands Avenu’s customer presence to all fifty states and Canada. Avenu touts its tech-fueled abilities to enhance revenue for local governments, using administrative expertise and automated payment systems to boost audit results and better pinpoint improper or underreported revenue. Local and municipal government agencies use Avenu software and other products to, among other tasks, manage land records, assess and collect property taxes and administer pension plans--all part of changing business environments posing formidable obstacles to planning, funding, and service delivery, Avenu Chief Executive Officer Paul Colangelo said. Terms of the deal weren’t disclosed, but Conduent officials said the business generated $113 million in revenue in 2017, and the deal is part of a plan to shed $1 billion in revenue associated with non-core assets. The transaction is subject to regulatory approval and is expected to close during the third quarter, or by the end of September, 2018. Avenu is a portfolio company of Mill Point Capital, a middle-market private equity firm based in New York that is part of Millstein and Co., a financial advisory firm led by restructuring banker Jim Millstein. Avenu used to be known as Government Revenue Solutions, or GRS, before changing its name in January, 2018. GRS was formed in January, 2017, when four government services companies were acquired by Millstein from a debt collection company called PRA Group in a $91.5 million cash deal. Mill Point officials said that Avenu’s legacy companies discovered and delivered $1.3 billion to local governments in 2017. Millstein is reportedly being acquired by Guggenheim Partners in a bid by that company to increase its investment banking business. Jim Millstein worked at the U.S. Department of the Treasury during the 2008 financial crisis.