Cubic Corp. said it received a $22 million contract to upgrade the fare collection system of a current client, the Los Angeles County Metropolitan Transportation Authority. The agency, also called Metro, uses a smart card called TAP.
Under the newly announced deal, Cubic (NYSE: CUB) will support an integrated app for mobile devices as well as a cloud-based account called TAPforce. Metro plans to roll both out within 18 months. It was actually Metro staff, not Cubic, that independently developed TAPforce, which will let users pay for bike sharing, parking and related services — in addition to light rail and bus rides.
Metro has been a Cubic client since 2002 Today the TAP network supports 1.5 million transit passholders.
Cubic provides fare-collection equipment and other technology to transit agencies and transportation departments. That, however, is only part of its business. Cubic also provides electronics to the U.S. military and its allies, supporting training as well as operations.