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Friday, Sep 22, 2023

Cubic Secures L.A. County Mass-Transit Agency Contract

Cubic Corp. received a contract from Los Angeles County’s mass-transit agency to deliver an integrated mobile app for its fare payment system.

Financial terms of the deal were not disclosed.

Los Angeles Metro operates the largest regional smart card system in the United States, called TAP. Cubic (NYSE: CUB) designed and delivered the Los Angeles County Metropolitan Transportation Authority’s TAP card, which serves 24 transit agencies. More than 2 million people hold TAP smart cards, which pay bus and light rail system fares when users hold them next to card readers. The card transmits data using near-field radio communication technology.

In a Jan. 3 statement, Cubic said it planned to deliver innovative traveler and merchant apps to the Los Angeles market.

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With the upgrades, riders will be able to use their TAP accounts to pay for third-party services such as ridesharing, bike sharing and parking. TAP will also support fare subsidy programs.

In addition, Angelenos will be able to use their mobile devices in place of TAP cards when getting aboard buses and subways.

Transportation technology is only part of what Cubic does. The business gets 60 percent of its revenue from defense contracting.


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