Cubic Transportation Systems has been awarded a $700m ticketing and fare collection contract by the Transport for London (TfL) in the UK.
The seven-year contract will start in August 2015 and comes with an option to extend it by a further three years, which would take the expected contract value to more than $1bn.
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This long-term partnership between TfL and Cubic will bring innovation into London’s transport over the next decade.
Cubic Transportation Systems president Steve Shewmaker said: "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."
Cubic has supported TfL and its predecessor, London Transport, during events such as the London 2012 Olympic and Paralympic Games, the Queen’s Diamond Jubilee and the introduction and network-wide rollout of the Oyster card.
In a separate development, Cubic has also been awarded an $8m contract by the Washington Metropolitan Area Transit Authority (WMATA) in the US to convert existing paper magnetic fare card vending machines to sales and reload devices for the SmarTrip contactless smart card.
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By GlobalDataUnder the contract, the company will upgrade more than 500 machines with hardware kits, including smart card readers and related software on all Metrorail lines such as the Silver Line to Dulles Airport, US.
The upgrade project aims to eliminate paper ticketing from WMATA’s fare system by mid-2016.
Image: Officials from TfL and Cubic during the contract confirmation. Photo: courtesy of Cubic.
