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San Diego
Tuesday, May 21, 2024
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Cubic Corp. Nets Mass Transit Deals

TECHNOLOGY: Twin Cities Pact Worth $37.7M

SAN DIEGO – Cubic Corp., the San Diego parent company overseeing Cubic Defense and Cubic Transportation Systems, is upgrading and modernizing the contactless fare system of Metro Transit in Minneapolis-St. Paul.

The value of the five-year contract, announced in April, was reported as $37.7 million.

Metro Transit is already a Cubic customer. It plans to upgrade fare terminals on more than 2,000 regional buses and across 140 light rail, commuter rail and bus rapid transit stations.

Cubic said Metro Transit will join other major cities – including New York, Chicago and those on San Francisco Bay – in leveraging Cubic’s state-of-the-art cloud technologies, real-time wireless and account-based processing solutions, while opening the system to contactless bank card acceptance.

Matt Newsome
SVP and General Manager
Cubic Transportation Systems

“We are thrilled with our continued partnership with Metro Transit as we embark on the next phase of innovation in public transit fare collection for the Twin Cities,” said Matt Newsome, senior vice president and general manager for Cubic Transportation Systems.

“For nearly two decades, Cubic has been dedicated to enhancing the commuter experience through the Go-To system,” he said. “This new deal underscores our commitment to advancing Metro Transit’s mission of providing efficient and seamless travel experiences for the community. With this latest upgrade, Metro Transit riders will have the option to simply tap a contactless bank card or smartphone with Apple Pay or Google Pay to conveniently and quickly pay for their fare. We look forward to continually modernizing the Metro Transit fare system and making it easy for riders to choose public transit.”

Saskatchewan Deal, New York City Milestone

Separately, in March, Cubic signed a deal to provide fare collection technology to Regina Transit in Saskatchewan, Canada. Terms of the deal were not disclosed.

Regina Transit chose the platform that Cubic calls Umo. Its passengers will now be able to pay fares through either the Umo Mobility smartphone application, open loop cards such as debit and credit cards used directly on the bus, or through a reloadable smartcard. The new system and fares are anticipated to launch in late summer.

Cubic Transportation Systems also has customers using Umo in Vancouver and Victoria, British Columbia, Canada.

Separately, one month ago, Cubic announced that it installed a tap-to-pay system at a mass transit station at New York City’s World Trade Center. The system lets commuters tap a credit card, debit card or smartphone on the PATH mass transit system operated by the region’s port authority.

The fare collection and transportation technology sector is a crowded space. Cubic’s competitors include Accenture, Conduent, Kapsch, IBM, Indra, Scheidt & Bachmann, Siemens, Thales, TransCore and Trapeze.

Mass transit fare collection has long been part of Cubic’s business. Photo courtesy Metro Transit

Torrellas Leads Business Unit

In October, Cubic announced that it had named Peter Torrellas president of Cubic Transportation Systems, as well as senior vice president of Cubic Corp. At the same time, the company announced the retirement of the unit’s previous president, Jeff Lowinger.

Peter Torrellas
President
Cubic Transportation Systems

Prior to joining Cubic, Torrellas was the global business unit president of Connected Communities at Virginia-based Parsons Corp. (NYSE: PSN). There he led a team of 2,500 people in rail systems, traffic management, aviation, utilities and environmental remediation. In addition, he founded Parsons X, the digital transformation arm of the company.

Prior to his work with Parsons, Torrellas was managing partner for digital cities and infrastructure at Siemens Advanta, the professional services arm of Siemens AG, and head of smart cities and communities at Siemens Smart Infrastructure.

One of the executive’s earlier accomplishments was successfully designing, integrating and delivering a public address and customer information system for New York City’s subway – a system that, incidentally, he rode as a child.

Cubic is privately held. It was a publicly traded company until the middle of 2021, when Veritas Capital and Evergreen Coast Capital (the latter an affiliate of Elliot Investment Management) took the company private in a transaction valued at nearly $3 billion.

Cubic Corp.
FOUNDED: 1951
CEO: Stevan Slijepcevic
HEADQUARTERS: Kearny Mesa
BUSINESS: Defense contractor and provider of technology for transportation agencies
WEBSITE: cubic.com
CONTACT: 858-277-6780
SOCIAL IMPACT: Cubic’s new headquarters building in Kearny Mesa, completed in 2021, was built to conserve energy and water.
NOTABLE: Founder Walter J. Zable ran Cubic for more than 60 years, until 2012

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