SAN DIEGO, Calif., July 29, 2014 (GLOBE NEWSWIRE) -- via PRWEB - Transport for London (TfL) has today confirmed the award of its ticketing and fare collection contract, starting in August 2015, to Cubic Corporation's UK subsidiary Cubic Transportation Systems Limited following a competitive tender. The terms of the contract, which are denoted in pounds sterling, are for seven years with a value of over $700 million. It includes an option to extend the contract for a further three years, giving the contract an expected value of over $1 billion.
The announcement means the continuation of the partnership between TfL and Cubic which has seen the introduction and network-wide roll out of the iconic Oyster card. Recently, contactless payments have also increased choice and convenience for the millions of travelers who use the London network every day.
Electra includes an initial stage plus extension options up to a total ten-year term. Central to the requirement is the use of technology to reduce costs and improve service to help cope with the increased demand from London's burgeoning population.
Cubic has been associated with ticketing and revenue management in London for over three decades, earning unrivaled understanding of the intricacies of one of the world's busiest and most complex urban travel networks. The organization has supported TfL and its predecessor, London Transport, through many major events, including the London 2012 Olympic and Paralympic Games, and the Queen's Diamond Jubilee. During this time, the performance of the public transport network garnered universal praise.
Roger Crow, senior vice president and managing director, EMEA at Cubic Transportation Systems, says, "We are delighted that our bid to continue our work in London has been successful. Each member of our team, both here in the UK and around the world has contributed to our work with TfL and I am extraordinarily proud of what we have achieved."
From a technology perspective, Cubic is at the forefront of the smarter travel movement, and harnesses its NextCity vision of true integration of payment and information systems across multiple transport modes to drive innovation in the transportation sector. The new contract will see Cubic continue its long-term collaborative relationship with TfL to bring innovation in transportation to London over the next decade.
"London is unique among the cities Cubic serves and our entire team is committed to providing the best service and most appropriate innovation to support TfL in its mission to deliver a pioneering, world-class service for its citizens," says Steve Shewmaker, president of Cubic Transportation Systems.
Bradley H. Feldmann, president and chief executive officer of Cubic Corporation, says, "Our Transportation Systems team puts extraordinary effort into serving its customers every day, while simultaneously developing concepts for the future of urban transportation that resonate with city authorities because they are achievable, affordable and offer tangible benefits to all parties. Today's news recognizes that effort and the entire Cubic organization congratulates Steve and the CTS team on its success."
About Cubic Transportation Systems
Cubic® Transportation Systems, Inc., is part of Cubic Corporation. Cubic Corporation is the parent company of three major business segments. 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 travellers 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, more than 24 billion transportation payment transactions are processed using Cubic payment and information systems worldwide. Cubic has delivered over 20 regional back office operations which together integrate over 130 transport operators and serve over 38 million people every day in major markets around the world. 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 http://www.cubic.com/.
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Cubic Corporation Suzanne Hatcher +1 (858) 505-2430 Tony Brown HAMG360 PH: +44 (0) 20 315 7945 Trisha Rule Corporate Communications Cubic Corporation PH: 858-505-2174 Cell: 858-230-4949