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.
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