SAN DIEGO, Nov. 16, 2017 /PRNewswire/ -- Cubic
Corporation (NYSE:CUB) today announced its Cubic Transportation
Systems (CTS) business division has signed a $185 million contract with Transport for
London (TfL) for a three-year
extension of services to London's
Oyster and contactless ticketing system.
In addition, CTS has finalized the $553.8
million contract from the New York Metropolitan
Transportation Authority (MTA) awarded in October for the
design and implementation of New
York's New Fare Payment System. CTS was selected by the MTA
to replace the iconic New York MetroCard with a proven,
next-generation fare payment system similar to that used on the
bus, Tube and rail services operated by TfL. Matt Cole, president of CTS, signed the contract
at MTA headquarters on November 1.
CTS' existing contract as TfL's revenue collection service
provider has been extended for an additional three years until
2025. The extension will deliver at least $26 million in guaranteed savings to TfL as Cubic
continues to provide operational and maintenance services to
London's Oyster and contactless
ticketing system, while still investing in further innovations to
the benefit of public transport users in London.
"These significant contracts reflect the quality of our
technology and years of first-class service provided to our longest
standing customers. It also reinforces Cubic's position as the
industry leader in advanced transportation payment and information
solutions," said Matt Cole,
president of Cubic Transportation Systems.
The contract also supports the delivery of a wide range of
customer improvements across TfL from 2018, such as expanding
the Mayor's "Hopper fare" to allow unlimited journeys on buses and
trams within an hour, introducing weekly capping on Oyster to
bring it in line with contactless ticketing and expanding pay
as you go to cover the entire Elizabeth line.
"The introduction of Oyster and contactless ticketing has
completely changed the way people pay for travel in London – making it easier and more convenient.
This contract has already allowed us to deliver significant
benefits to our customers. I look forward to continuing working
closely with CTS to further improve the customer experience of
traveling in London, while
delivering significant savings," said Shashi Verma, Chief Technology Officer for
TfL.
About Cubic Corporation
Cubic Corporation designs,
integrates and operates systems, products and services focused in
the transportation, defense training and secure communications
markets. Cubic Transportation Systems is a leading integrator of
payment and information technology and services to create
intelligent travel solutions for transportation authorities and
operators. Cubic Global Defense is a leading provider of live,
virtual, constructive and game-based training solutions, special
operations and intelligence for the U.S. and allied forces. Cubic
Mission Solutions provides networked Command, Control,
Communications, Computers, Intelligence, Surveillance and
Reconnaissance (C4ISR) capabilities for defense, intelligence,
security and commercial missions. For more information about Cubic,
please visit the company's website
at www.cubic.com or on
Twitter @CubicCorp.
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SOURCE Cubic Corporation