59.8 F
San Diego
Saturday, Feb 24, 2024
-Advertisement-

Cubic Eyes Parking Market

San Diego-based Cubic Corp. has acquired Lexis Systems of Vancouver, British Columbia, and plans to make it the core of a new, wholly owned subsidiary.

Terms of the acquisition were not disclosed, nor was the number of people Lexis employs.

Cubic Parking Systems, which will be based in Vancouver, will bring together Lexis and Traf-Park, a company Cubic bought in September.

Cubic’s transportation business has been based on fare-collection systems for mass transit. In recent years, Cubic has introduced “contactless smart cards” radio-frequency cards that let commuters pay for their ride. Cubic said it intends to expand the technology to the parking market.

The acquisition, announced Jan. 18, included intellectual property, technology, a product line and software suite, inventory and Vancouver-based operations.

Central Parking Corp. of Nashville, Tenn., previously owned a controlling interest in Lexis Systems and operates Lexis machines in more than 500 locations. Cubic Parking Systems will continue to support Central Parking as a supplier and systems integrator under a five-year service contract.

Cubic trades on the American Stock Exchange as CUB.

Brad Graves

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-
-Advertisement-