Cubic Corporation (NYSE: CUB) announced today that it has
completed the acquisition of Serco’s Transport Solutions business
for an enterprise value of £43.5 million ($70 million) subject to
adjustment as set forth in the purchase agreement. Cubic announced
last June that it had entered into exclusive due diligence for the
acquisition. Serco’s Transport Solutions business will become a
part of Cubic Transportation Systems, a leading integrator of
payment and information technology and services for intelligent
travel solutions. Serco’s Transport Solutions business is primarily
a UK-based transport technology and services business and had
revenues in the last calendar year of approximately £42 million
($67 million).
For more than 20 years, Serco’s Transport Solutions business has
specialized in the development and supply of complex traffic
management systems for the monitoring and control of urban and
intra-urban road networks, encompassing integrated traffic and
incident management, decision support, bus tracking and passenger
information through integrated user interfaces.
The business also provides safety camera and associated back
office solutions as well as a complete capability for the
installation and maintenance of intelligent transport systems and
equipment, such as maintaining over a third of London’s traffic
lights.
“We’re delighted that Serco’s Transport Solutions team today
becomes part of the Cubic family,” said Steve Shewmaker, president
of Cubic Transportation Systems and executive vice president
of Cubic Corporation.
“The business has excellent specialist knowledge and capability
in the enforcement, road and traffic markets, which is integral to
our own NextCity vision of integrated solutions that help transport
operators manage their operations and services and give travellers
informed choices when deciding how and when to make their
journeys.
“Additionally, Transport Solutions includes amongst its
customers Transport for London and Transport for New South Wales,
which are already Cubic customers, as well as other major
organizations such as the Highways Agency and Transport Scotland.
Taken all together, that business mix means the acquisition and
subsequent integration of the business is a move that is both
logical and exciting for Cubic.”
David Stretch, Serco’s partnership director for Transport, said,
“As part of Serco’s proactive portfolio management and
following a strategic review of our UK transport operations,
Serco has decided to divest its UK-focused Transport Solutions and
London Streets Maintenance business. Transport continues to be a
key market for Serco in which we are bidding for a number of major
new transport contracts and where we will continue to deliver
high-quality services, drive innovation and pursue growth
opportunities for our customers. I would like to thank colleagues
for their hard work and commitment in building Transport Solutions
into a successful business.”
Serco Transport Solutions employs 253 people across the UK and
three in Australia with offices in Stockton on Tees, Beckton (East
London), Belfast, Birmingham and Cumbernauld, near Glasgow, as well
as in Sydney, Australia.
About Cubic Corporation
Cubic® Transportation Systems, Inc., is part of Cubic
Corporation. Cubic Corporation is the parent company of three major
business segments: Defense Systems, Mission Support Services and
Transportation Systems. Cubic Defense Systems is a leading provider
of realistic combat training systems and secure communications
systems. Mission Support Services is a leading provider of
training, operations, maintenance, technical and other support
services for U.S. and allied nations.
Cubic® Transportation Systems, Inc., is a leading integrator of
payment and information technology and services for intelligent
travel solutions. Cubic delivers integrated systems for
transportation and traffic management, delivering tools for
travelers to choose the smartest and easiest way to travel and pay
for their journeys, and enabling transportation authorities and
agencies to manage demand across the entire transportation network
– all in real-time. Cubic specializes in design, development,
manufacture, supply, installation, integration, services and
information. Services provided by Cubic include on-site management,
central systems, operations support, patron support, business
support and field services.
Every year, nearly 7 billion rides are taken worldwide using
Cubic payment and information systems. Cubic has delivered over 400
projects in 40 major markets on five continents. Active projects
include London; Brisbane (Southeast Queensland) region, Australia;
New York/New Jersey region; Washington, D.C./Baltimore/Virginia
region; Los Angeles region; San Diego region; San Francisco region;
Minneapolis/St. Paul; Chicago; Atlanta region; Miami (South
Florida) region; Vancouver and Edmonton, Canada; Sydney (New South
Wales), Australia; Germany; and Scandinavia.
For more information about Cubic, see the company’s website at
www.cubic.com.
About Serco
Serco is an international service company, which combines
commercial know-how with a deep public service ethos.
Around the world, we improve essential services by managing
people, processes, technology and assets more effectively. We
advise policy makers, design innovative solutions, integrate
systems and - most of all - deliver to the public.
Serco supports governments, agencies and companies who seek a
trusted partner with a solid track record of providing assured
service excellence. Our people offer operational, management and
consulting expertise in the aviation, BPO, defence, education,
environmental services, facilities management, health, home
affairs, information and communications technology, knowledge
services, local government, science and nuclear, transport, welfare
to work and the commercial sectors.
More information can be found at www.serco.com.
Serco’s transport
business
Serco delivers innovative transport solutions, whether by air,
road, water or rail, to public transport authorities, government
departments and commercial enterprises around the world.
Our focus on operational efficiencies and improving
sustainability support our customers in meeting their strategic
aims and objectives. Serco's experience in providing a wide range
of multi-modal transport solutions in Asia, Europe, the Middle-East
and North America enables us to tailor our services to meet the
needs of a diverse travelling public. Our aim is to ensure that by
delivering high-quality services, we can make a difference to
people's journeys and lives.
Serco has a successful track record and compelling offer in both
the UK and global light and heavy rail markets. We operate
the UK's largest passenger rail franchise, Northern Rail as well as
Merseyrail with our joint venture partner, Abellio. Since 1997,
Serco has operated and maintained London’s award-winning Docklands
Light Railway (DLR). In Australia, we own Great Southern Rail which
operates the iconic tourist trains - The Indian Pacific, the Ghan
and the Overlander - and in the Middle East we have been operating
the driverless Dubai Metro system since 2008.
Serco operates the iconic Barclays Cycle Hire Scheme in
London on behalf of Transport for London (TfL). Launched in 2010,
Serco designed, built and implemented this innovative scheme, in
conjunction with TfL. Today, the scheme has seen over 25 million
hires and has been expanded across the capital.
Also, in the UK, Serco operates NorthLink Ferries to the
Shetland Islands and Orkney Islands, building on our experience
delivering a range of marine support services for the Royal Navy.
In the USA, Serco provides a bus transportation service to
and from Washington Dulles International Airport for the US
National Conservation Training Centre. We also provide on demand
and scheduled bus services for the UK’s Royal Air Force.
Serco is the only significant non-government provider of air
traffic services in the world. We operate on a global basis and
handle about six million aircraft movements each year at airports
in Europe, the Middle East and North America on behalf of the UK’s
Ministry of Defence, the US Federal Aviation Administration and the
United Arab Emirates’ Area Control Centre in Abu Dhabi.
Serco also recently secured a major US contract to integrate and
operate the state of Virginia’s five transport operation
centres.
HAMG360Rosemary Alton/Harriet Jamieson+44 (0) 20 8289
6216Rosemary.alton@HAMG360.comHarriet.jamieson@HAMG360.comorCubic
CorporationTimothy A. HillDirector of Corporate Communications+1
(858) 505-2430Cell: +1 (858) 232-2927timothy.hill@cubic.com
Cubic (NYSE:CUB)
Historical Stock Chart
From Mar 2024 to Apr 2024
Cubic (NYSE:CUB)
Historical Stock Chart
From Apr 2023 to Apr 2024
