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 deal announced Sept. 25, Cubic (NYSE: CUB) will support an integrated mobile app as well as a cloud-based account called TAPforce. Metro has been a Cubic client since 2002 and Metro staff independently developed TAPforce.
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 military electronics to the U.S. government and its allies.