SAN DIEGO, March 21, 2018 /PRNewswire/ -- Cubic Corporation (NYSE:CUB) today announced its business division Cubic Transportation Systems (CTS) and John Laing reached financial close and executed an agreement with the Massachusetts Bay Transportation Authority (MBTA). The Public Private Partnership (P3) includes the implementation and operation of a new fare payment system.

Cubic Corporation (PRNewsfoto/Cubic Corporation)

Last November, the MTBA selected the Cubic | John Laing Consortium to design, build, operate and maintain a next-generation fare payment system, including account-based ticketing using mobile and contactless bankcard options for the region's multi-modal transit system. The financial details of the P3 include a base contract award of $699.19 million for implementation with ten years of operations and maintenance in addition to two five-year extension options.

"This financial closure is the first major step for the MBTA AFC 2.0 project and we look forward to an ongoing successful partnership and implementation," said Bradley H. Feldmann, chairman, president and chief executive officer of Cubic Corporation. "It is an honor for our company to be part of such a monumental partnership and we're confident that our advanced fare payment technology will improve the MBTA rider's experience for decades to come."

The new system will allow customers to create personalized transit accounts to see ride history, check balances, add value as well as report lost or stolen cards to protect their funds. Mobile phones can also be used like ticket vending machines to check account balances and recharge fare accounts anywhere. As a result, customers will experience greater convenience and shorter lines, allowing them to move faster through the transit system.

"This a significant project to add to Cubic's portfolio. We are proud to invest in and lead the development and implementation of this project that will improve the quality of public transit travel for millions of people," said Matt Cole, president of Cubic Transportation Systems. "This is an example of how we, through the P3, can expedite the delivery of an innovative system and one that is an important milestone for the industry. The P3 will enable the MBTA to finance this major capital updating program."

About Cubic Corporation

Cubic is a market-leading, technology provider of integrated solutions that increase situational understanding for transportation, defense C4ISR and training customers worldwide to decrease urban congestion and improve the militaries' effectiveness and operational readiness. 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 Mission Solutions provides networked Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance (C4ISR) capabilities for defense, intelligence, security and commercial missions. 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. 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

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