Cubic, UK Minister for Investment and US Representative Celebrate Successful Partnership
Global partnership will support the advancement of economic development in both San Diego and the U.K.
SAN DIEGO, Oct. 4, 2018 /PRNewswire/ -- Cubic Corporation (NYSE: CUB) today announced that its Cubic Transportation Systems (CTS) executives will be meeting with U.S. Representative Scott Peters (D-CA) and U.K. Minister for Investment Graham Stuart to celebrate and further enhance collaboration and economic growth for San Diego and the U.K.
"It has been a whirlwind year for Cubic with significant wins in New York, Boston, Brisbane, Sydney and most recently the San Francisco Bay Area – all direct results of the San Diego and U.K. cooperation," said Matt Cole, president of CTS. "Through our groundbreaking partnership with Transport for London (TfL), Cubic is able to adapt the technology of London's contactless ticketing system to other metropolitan cities worldwide. We hope to bring these innovations to our San Diego hometown."
Since the TfL technology partnership agreement in 2016, Cubic has been awarded major contracts to deliver next-generation fare payment systems for Miami, New York, Boston, Brisbane and the Bay Area. In addition, Cubic also won a contract to provide Sydney with the world's most advanced transport management system based on Cubic's Transport Management Platform which was developed in the U.K.
"Last year, we announced a contract extension between Cubic and TfL during a trade mission to the U.K. I led with the World Trade Center in San Diego – solidifying our partnership in the Smart Cities revolution. Since then, Cubic secured new contracts in metro areas across the U.S. and internationally, creating jobs and strengthening both our regional economies," said Congressman Peters. "Our collaboration will continue to foster innovation and I can't wait to see what this partnership creates next."
The New York, Boston, Brisbane, Sydney and Bay Area contracts total over $2 billion of work for Cubic and will create jobs in Cubic's Stockton-on-Tees and London offices in the U.K. as well as San Diego. In addition, Cubic is working with the City of San Diego to upgrade its San Diego headquarter facilities with a new campus to accommodate the company's growth. This facility upgrade project is anticipated for completion in 2021.
"Cubic is a prime example of how U.K. and U.S. partnerships lead to job growth and innovation in both countries. Through U.K.-created tech, Cubic has created approximately 150 new jobs right here in San Diego as well as a further 250 at home in the U.K," said Minister Stuart. "Ticketless payment technology from Cubic is helping travelers in the world's greatest cities move more quickly and smoothly and my international economic department will continue to support transatlantic business collaboration like this to deliver local jobs and global benefits."
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 Global Defense Systems is a leading provider of live, virtual, constructive and game-based training solutions for the U.S. and allied forces. 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. For more information about Cubic, please visit the company's website at www.cubic.com or on Twitter @CubicCorp.
SOURCE Cubic Corporation
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