SOURCE: Cubic Corporation
SAN DIEGO, CA--(Marketwire - Jan 24, 2013) - Cubic Transportation Systems (NYSE: CUB), a leading integrator of payment and information technology and services for intelligent travel solutions, today announced it has acquired NextBus, Inc., from Webtech Wireless Inc. NextBus is North America's leading provider of real-time passenger information systems (RTPIS) with more than 100 transit agency deployments in the United States and Canada for a total consideration of CAD$20.75 million subject to the terms of the purchase agreement.
Consistent with Cubic's Nextcity vision, the acquisition extends the company's portfolio of information-based solutions for its transit industry customers and positions NextBus to accelerate its growth by leveraging Cubic's global presence and customer base.
"Transit agencies and their communities worldwide are racing to utilize information more effectively -- optimizing their resources and providing intelligent travel information to their riders," said Steve Shewmaker, president, Cubic Transportation Systems. "Since 1996, NextBus has been a pioneer and a market and technology leader at the forefront of this trend. As part of the Cubic family, NextBus will have the additional resources and capabilities to expand more rapidly while adding further depth to our own Nextcity vision, which emphasizes better utilization of information, wireless communications and mobile devices as key technologies for the future of public transit."
The acquisition broadens Cubic's portfolio of transportation solutions. NextBus' customers include the major metro systems in Los Angeles, Toronto, San Francisco, Washington DC, and Boston, as well as many well-known small and mid-sized transit agencies, universities and colleges including Chapel Hill Transit, RTC-Washoe (Reno), Saint John Transit, MIT, Georgia Tech, UCLA, University of Maryland, and Rutgers University.
"The NextBus team of highly skilled and experienced operational and technical experts will become part of Cubic Transportation Systems, adding to Cubic's current knowledge base and service offerings in real-time intelligent travel information systems and operations," said Matt Cole, senior vice president, strategy and business development, Cubic Transportation Systems. "We believe there are very exciting possibilities that will attach to the coming together of market-leading fare collection and real-time passenger information technology. This is a significant step towards Nextcity and we look forward to the benefits this acquisition will provide to our business, customers and the traveling public."
NextBus is a Software-as-a-Service (SaaS) solution that improves transit passengers' lives and makes their travel experience better with accurate, real-time arrival information about buses, subways and trains. NextBus also offers travelers a host of other options including a GPS-enabled mobile website for smartphones that instantly recognizes the nearest stops in proximity order and provides real-time arrival information with multiple language capability (English, Spanish and French), and an easy-to-use website compatible with the American Disabilities Act (ADA) guidelines. The company also provides a robust set of real-time management and dispatch tools that enable transit operators to effectively manage their systems, and is a real-time transit technology leader, providing the industry's most accurate algorithm for predicting arrival times.
"I want to personally say to our many customers that as we take this exciting step in our growth, we will continue to maintain our strong focus on our customers, our support and their satisfaction with NextBus solutions and services. NextBus and Cubic will work together to ensure that our relationship with you, our customer, will not change," said Michael Smith, general manager of NextBus. "I also want to highlight the positive benefits for both our customers and employees that convinced us to make this move. Cubic's global presence will enable NextBus to expand geographically and provide our clients with the next generation in advanced traveler information technologies."
About Cubic Transportation Systems
Cubic® Transportation Systems, Inc., is part of Cubic Corporation. Cubic Corporation is the parent company of three major business segments: Defense Systems, Mission Support Services and Transportation Systems. Cubic Defense Systems is a leading provider of realistic combat training systems and defense electronics. 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 solutions that help transport operators manage their operations and services and give passengers choices in the smartest and easiest ways to pay their fares. 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, nearly 10 billion rides are taken worldwide using Cubic payment and information systems. Cubic has delivered over 400 projects in 40 major markets on five continents. 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 www.cubic.com