Modaxo is the Constellation Software group that buys technology for moving people: ticketing, scheduling, on-demand transit, parking and airport systems. In our records it has made 13 software acquisitions in eight countries since Constellation launched it in October 2020, 10 of them in 2022 and 2023, and it is still buying in 2026. Its releases keep prices private. It prices like the rest of Constellation, a median of 1.0x revenue on 22 priced deals across the groups, and buys the whole company.
Modaxo has more than 25 brands serving more than 3,500 customers in more than 40 countries, and its parent is covered in our Constellation Software profile.
We counted Modaxo’s deals from Mergermarket and the announcements of Modaxo and its brands: 13 software acquisitions announced from 2015 to 2025 and since completed, of 797 for Constellation as a whole. Each deal named here is checked against the acquirer’s release.
In our view Modaxo is a good owner for a transport software business, a permanent home that leaves decisions with the business.
Modaxo Subsidiaries and Brands
Modaxo grew out of Trapeze Group, which Mark Miller, Constellation’s President since September 2025, co-founded, and which in 1995 became the first company Constellation bought. An approach can come from Modaxo itself or from a brand already selling into your market. Its home page calls its brands autonomous. Among them, these made or absorbed its acquisitions:
| Brand | What it does |
|---|---|
| Trapeze Group | Software for transport organizations |
| TripSpark | Community transportation technology |
| Vontas | Intelligent transportation systems for transit agencies, launched by Trapeze Group Americas in 2021 |
| Cittati | Information and communication technology for public transport management, in Brazil |
| TADERA | Integrated technology for airports |
| Elovate | Automated traffic enforcement |
| Trellint | Parking and curbside management |
| Aerivo | Airport terminal software |
Modaxo is run by Bill Delaney, its Chief Executive Officer. In October 2026 it appointed Ian Woodroofe to a new post of Chief Strategy Officer, to set strategy across four verticals (transit operations, fare collection, parking and traffic management, and airports and aviation) and to support its M&A process.
Trapeze’s deals count under Modaxo from its launch on 20 October 2020 and under Volaris before it, the group named on them at the time. If you are unsure which group has approached you, several own businesses in the same verticals, and our Constellation Software profile sets out how Constellation’s operating groups divide the field. Each has a page in this series: Volaris, Total Specific Solutions with Topicus, Vela, Harris, Jonas Software, Perseus and Lumine Group, with Andromeda the ninth.
How Many Companies Modaxo Acquires
Modaxo bought most in 2022 and 2023, with five software acquisitions in each year, and 12 of its 13 date from 2021 on. The first came within weeks of the launch, when Trapeze Group bought the traffic support software division of WSP in the UK, now Taranto Systems.
In 2024 Modaxo bought outside software, so the chart shows 0 for that year: it completed the purchase of Conduent’s curbside management and public safety businesses in the US and bought Cammax, a UK maker of ticket vending and parking payment machines. Buying continued in 2026 with the airport terminal systems business of ADB SAFEGATE, now Aerivo, and Conduent’s transit fare and fleet management businesses, now Novvan and Routeward.
What Size of Company Modaxo Buys
Modaxo’s criteria say “Big is beautiful. Small is too,” and range from small businesses focused on a niche to larger ones selling across several regions. Its releases give a sense of scale, from SS Telemática’s 100 or more customers in Brazil to TransLoc’s 1,500 or more transport providers. Deal-size figures for Constellation as a whole are in the size section of our Constellation Software profile. The largest purchases are carve-outs: Modaxo calls the 2026 Conduent transit deal its largest to date, and Conduent’s filing put 2023 revenue for the businesses it sold to Modaxo in 2024 at $134M.
What Modaxo Buys
Modaxo’s 13 purchases fall into the four verticals it named in October 2026:
| Modaxo vertical | Acquisitions |
|---|---|
| Transit operations: scheduling, dispatch, vehicle tracking, on-demand transit, telemetry, driver advisory, crew communications | 7 |
| Fare collection and revenue: ticketing, payments, revenue management | 4 |
| Parking and traffic management | 1 |
| Airports and aviation | 1 |
Transit operations is the core of Modaxo’s transportation software buying, from SISCOG’s scheduling and dispatching software in Portugal to Orion Labs, a San Francisco voice-first collaboration platform bought by Vontas. Fares came through mobile and smart ticketing in the UK, Israel and Norway. Rail runs through both, from TTG’s driver advisory systems to ExPretio’s revenue management for rail and bus operators. Its criteria ask for technology that helps people move about their daily lives and that customers treat as mission-critical.
Where Modaxo Buys
Modaxo has bought in eight countries across five regions, four times in the United States and twice each in the UK and Brazil.
In Brazil its local brand Cittati bought Auttran alongside Modaxo in 2022, and SISCOG, in 2025, was its first business in the Iberian Peninsula.
What Modaxo Pays: Acquisition Multiples
Modaxo prices like the rest of Constellation: a median of 1.0x revenue on 22 priced deals across Constellation, set out in the What Constellation Pays section of our Constellation Software profile. Modaxo’s releases keep the price private, and Conduent, the seller in 2024, filed terms that show part of the price paid as a one-year note.
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How Modaxo Structures a Deal
Modaxo buys the whole company: every deal whose announcement gave the stake, 9 of the 13, was a 100 percent purchase, and the other four were announced as purchases of the company or business. A stake carried into the next sale is a private equity platform’s offer, as our guide to selling your business to a software roll-up sets out. Its criteria page lists private businesses, listed companies and corporate carve-outs, and carve-outs run through its record: Modaxo bought TransLoc from Ford in 2022, its TripSpark brand bought Routematch from Uber the same year, and the airport business now run as TADERA came from Civix in 2023; Conduent has sold Modaxo two sets of businesses since 2024.
The criteria page stops at values, so ask early, and in writing, for the timetable, the share paid at closing and any holdback. The group-level picture is in how Constellation structures a deal on our Constellation Software profile.
What Happens After Closing
Modaxo calls itself a perpetual owner offering a forever home, with decisions made at business level by leaders accountable for them. Its releases show a range of outcomes for the brand: ExPretio kept its brand and its autonomy in 2023, Routematch’s products became part of TripSpark’s offering, Corethree’s ticketing is now sold through Trapeze Group in Europe and the UK, and the Conduent businesses took new names, Elovate for traffic enforcement and Trellint for parking and curbside management.
Settle in the letter of intent whether your product keeps its name, joins a sister brand or takes a new one, and what your own role will be.
Who Else Buys What Modaxo Buys
Modaxo’s spread across transit operations, fares, parking and airports means one of its brands may already compete with you, which in our view makes it a well-informed buyer, and it has rivals for the same assets. In March 2024 Transit Technologies, of Knoxville, Tennessee, bought TripShot, a Silicon Valley fleet management software company for commuter transportation.
Is This a Good Time to Sell to Modaxo?
Modaxo is buying in 2026: Aerivo in March, the Conduent transit businesses announced complete on 1 October and a strategy officer for its M&A process appointed the next day.
The mission-critical vertical businesses Modaxo’s criteria describe held their value best in the 2026 repricing, as our March 2026 webinar found. Current prices for software businesses are in our software valuation multiples research.
In our view a transport software owner has a ready buyer in Modaxo.
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