Cubic to Support Modernization of Los Angeles Metro's Transit Fare Payment System with $68.2 Million Extension Contract Award

SAN DIEGO, May 14, 2019 /PRNewswire/ -- Cubic Corporation (NYSE: CUB) today announced that its Cubic Transportation Systems (CTS) business division was awarded and has executed a 5 ½-year, $68.2 million extension contract award by the Los Angeles County Metropolitan Transportation Authority (Metro) to provide field maintenance and technical support services for the TAP reginal fare payment program. The services contract is also linked to two recently awarded contracts for a mobile app and its operations, as well as infrastructure upgrades that will support the app and enhances the overall TAP network to a next-generation payment system. TAP, Metro's contactless fare system that links 26 regional transit providers on a common contactless smart card, is being enhanced to include a leading edge mobile app to complement the Metro-developed cloud wallet, TAPforce.

TAPforce allows users to load value to a cloud account and use the funds to both load TAP cards and pay for variety of new Mobility-as-a-Service (MaaS) programs implemented by Metro, such as parking and bike/ride share services, in addition to transit rail and bus fare products on the TAP card via one account for a seamless way of travel.

"With the extension and award of these additional contracts, Cubic looks forward to supporting Metro's MaaS initiatives, further leveraging both TAP and TAPforce in creating an all-purpose, single payment account for mobility in its region," said Matt Cole, president of Cubic Transportation Systems. "Metro and TAP will be well positioned to lead in creating an advanced framework for the optimal management of regional congestion."

"Cubic has been proud to serve Metro rail and bus operations since 2002," said Matt Newsome, vice president and general manager of Western Region, Cubic Transportation Systems. "We are thrilled to continue in this spirit of partnership and doing whatever we can to aid the region in better managing traffic flows, improving the appeal of mass transit and helping Metro to better prepare for the Olympics in 2028."

About Cubic Corporation

Cubic is a technology-driven, market-leading 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. Our teams innovate to make a positive difference in people's lives. We simplify their daily journeys. We promote mission success and safety for those who serve their nation. For more information about Cubic, please visit www.cubic.com or on Twitter @CubicCorp.

SOURCE Cubic Corporation

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