Cubic Completes Acquisition of Vocality International
30 November 2016 - 11:00PM
Business Wire
Cubic Mission Solutions expands C4ISR portfolio
offerings and presence in European market
Cubic Corporation (NYSE: CUB) today announced the acquisition of
Vocality International, a leading provider of embedded technology
that unifies communications platforms, enhances voice quality,
increases video performance and optimizes data throughput. The
addition of Vocality, which is headquartered in Shackleford, United
Kingdom, further expands Cubic Mission Solutions’ (CMS) portfolio
in Command, Control, Communications, Computers, Intelligence,
Surveillance and Reconnaissance (C4ISR) for secure and
expeditionary communications, and ISR Processing, Exploitation and
Dissemination (PED).
Vocality’s ability to bridge communication platforms and manage
networks is essential for businesses, government agencies and
military personnel to communicate securely with one another and
allows legacy systems to communicate seamlessly with cutting-edge
wireless and cellular networks. Vocality is a current partner of
Cubic’s subsidiary DTECH and will enhance the content and
intellectual property on key Programs of Record currently being
delivered by CMS. The purchase price is GB£8 million (US$10
million) subject to other customary adjustments per the terms of
the stock purchase agreement.
“The acquisition of Vocality is extremely important to our
overall company and C4ISR strategy as Vocality’s solutions expand
our offerings and strengthens our business in this emerging area,”
said Bradley H. Feldmann, president and chief executive officer of
Cubic Corporation. “The addition of Vocality expands our C4ISR
portfolio, along with DTECH, GATR and TeraLogics, and will provide
further opportunities in higher growth and higher margin
markets.”
“We are pleased to welcome Vocality and its employees into the
Cubic family,” said Mike Twyman, president of Cubic Mission
Solutions. “Vocality is well aligned with our current capabilities
and solutions and their technologies will provide additional
opportunities to further integrate our architecture, serve our
customers in the defense industry and expand offerings for
transportation and other key vertical markets.”
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.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
that are subject to the safe harbor created by such Act.
Forward-looking statements include, among others, statements about
our expectations regarding our preliminary financial results for
the fourth quarter and fiscal year ended September 30, 2016 and our
expectation that the delayed funding will be received in fiscal
year 2017 and that we will experience improved performance in 2017.
These statements are often, but not always, made through the use of
words or phrases such as “may,” “will,” “anticipate,” “estimate,”
“plan,” “project,” “continuing,” “ongoing,” “expect,” “believe,”
“intend,” “predict,” “potential,” “opportunity” and similar words
or phrases or the negatives of these words or phrases. These
statements involve risks, estimates, assumptions and uncertainties
that could cause actual results to differ materially from those
expressed in these statements, including, among others: actual
results for the fourth quarter and fiscal year ended September 30,
2016 may differ materially from our estimates due to the completion
of our financial closing procedures, final adjustments and audit of
the financial statements, and other developments that may arise
between now and the time the financial results are finalized;
continued funding delays in the U.S. Department of Defense related
orders and our dependence on U.S. and foreign government contracts;
delays in approving U.S. and foreign government budgets and cuts in
U.S. and foreign government defense expenditures; the ability of
certain government agencies to unilaterally terminate or modify our
contracts with them; the U.S. government’s increased emphasis on
awarding contracts to small businesses, and our ability to retain
existing contracts or win new contracts under competitive bidding
processes; the effects of politics and economic conditions on
negotiations and business dealings in the various countries in
which we do business or intend to do business; competition and
technology changes in the defense and transportation industries;
the effect of adverse regulatory changes on our ability to sell
products and services; our ability to identify, attract and retain
qualified employees; unforeseen problems with the implementation
and maintenance of our information systems; our involvement in
litigation, including litigation related to patents, proprietary
rights and employee misconduct; our reliance on subcontractors and
on a limited number of third parties to manufacture and supply our
products; our ability to comply with our development contracts and
to successfully develop, introduce and sell new products, systems
and services in current and future markets; defects in, or a lack
of adequate coverage by insurance or indemnity for, our products
and systems; and changes in U.S. and foreign tax laws, exchange
rates or our economic assumptions regarding our pension plans. In
addition, please refer to the risk factors contained in our SEC
filings available at www.sec.gov, including our most recent Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q. Because the
risks, estimates, assumptions and uncertainties referred to above
could cause actual results or outcomes to differ materially from
those expressed in any forward-looking statements, you should not
place undue reliance on any forward-looking statements. Any
forward-looking statement speaks only as of the date hereof, and,
except as required by law, we undertake no obligation to update any
forward-looking statement to reflect events or circumstances after
the date hereof.
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version on businesswire.com: http://www.businesswire.com/news/home/20161130005260/en/
Investor contact:Jay
ThomasExecutive Vice President and Chief Financial OfficerCubic
CorporationJay.thomas@cubic.comPH: +1 858-505-2989orMedia contact:Laura ChonManager, Corporate
CommunicationsCubic CorporationLaura.chon@cubic.comPH: +1
858-735-5989
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