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Cubic Corporation

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Cubic Corporation
Company typePrivate
IndustryPublic transport and defense
Founded1949
FounderWalter J. Zable
HeadquartersSan Diego, California, U.S.
Key people
Stevan Slijepcevic (president, CEO)
Owner
Number of employees
6,200 (2020)[1]
Divisions
  • Cubic Mission and Performance Solutions
  • Cubic Transportation Systems
Websitewww.cubic.com Edit this at Wikidata

Cubic Corporation is an American multinational defense and public transportation equipment manufacturer. It operates two business segments: Cubic Transportation Systems (CTS) and Cubic Mission and Performance Solutions (CMPS).[2]

History

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Cubic Corporation was founded in 1949 by Walter J. Zable as an electronics company in San Diego, California, and began operations in 1951.[3] Zable devised the company name as he wanted the name to reflect both engineering and precision. Its first product was a calorimetric wattmeter, a device used for measuring microwave output. It became a publicly-traded company in 1959.[4]

In 1969, the company acquired United States Elevator Corporation, a maker of freight and passenger elevators.[5]

In early September 1984, Cubic moved its corporate domicile into Delaware General Corporation Law. The move was completed on June 11, 1985.

Cubic employs 6,200 people globally. Stevan Slijepcevic was named president and chief executive officer of Cubic Corporation in January 2022.[6]

In May 2021, Cubic announced the completion of its sale to the private equity firms Veritas Capital and Elliott Management, turning the publicly traded New York Stock Exchange company into a privately held company.[7][8]

In June 2023 Cubic wrote a letter to the Australian Victorian state premier, requesting a review of the tender process which awarded the state upgrade of its Myki system to its competitor Conduent. In its letter Cubic claimed its submitted bid was $100,000 less than the winning a bid (a 0.005% difference in the overall $1.7 billion cost of the winning bid over 15 years), and that procurement officers from the state government had not visited its operational sites. Cubic preferences to install its own ticket readers was reported as a reason to consider its bid more expensive.[9]

Company divisions

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Cubic's operating segments include:[10]

  • Cubic Mission and Performance Solutions provides networked command, control, communications, computers, intelligence, surveillance and reconnaissance (C4ISR) capabilities for defense, intelligence, security and commercial missions, as well as realistic combat training systems, secure communications, operations, maintenance, technical and other support services for the U.S. and allied nations.[11][12][2]
  • Cubic Defence New Zealand Ltd (previously OSCMAR International Limited) is a manufacturer of training and simulations systems for military forces worldwide. It is based in Auckland, New Zealand, and owned by Cubic Corporation.
  • Cubic Transportation Systems designs, integrates, and provides outsourced business process and information technology services for automated fare collection systems for public transit operations. Additionally, this segment provides the fare payment infrastructure, including gates, ticket machines and smart card readers, and the back end or central system for processing and reporting revenue and other data. Services include customer support, software support, and operations services.[13] CTS is the world's largest operator of public transport fare collection services.[14][15][16][17] Founded May 5, 1972.

Products and services

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Cubic smartcard gates on Sydney Metro

Cubic Transportation Systems provides the following products and services:[18]

  • Ticket machines
  • Smartcard readers
  • Fare-collection gates
  • Full-service mobility platform
    • Umo is a multi-modal platform that connects public and private mobility systems to optimize public transportation operations.[19]
    • Umo keeps riders moving efficiently by offering multi-modal journey planning, contactless payments, real-time travel information, and loyalty rewards through the Umo Mobility App.[20]
    • Umo also partners with media agencies on advertising and promotion.
  • Revenue management back office and associated services
    • Card-based
    • Account-based: New York's OMNY OMNY, Chicago's Ventra system[21](used by CTA, Pace and Metra), Brisbane's GO card system, and London Oyster Cards are some of Cubic's account-based products.
    • Mobile: Cubic has deployed mobile applications in multiple locations in the United States and was the first to launch transit cards within the mobile wallet.
  • Transit customer support
  • Management services to transit agencies
  • Real-time passenger information
  • Operational planning assistance
  • Traffic management
  • Predictive analytics
  • Tolling
    • Cubic created an integrated payment processing, customer service, and financial management platform for the tolling industry.[23]
  • Operational IT services
  • Asset management services
    • Services include field maintenance, device support, depot repair and part supply, spares and obsolescence, and cash collection.[24]
  • GRIDSMART
    • In 2019, CTS acquired GRIDSMART for approximately $87 million in cash.[25]
    • GRIDSMART specializes in video detection at the intersection using advanced image processing, computer vision modeling and machine learning along with a single camera – providing data for optimizing the flow of people, bicycles, and traffic through intersections.
    • GRIDSMART has approximately 12,000 operating intersections.
  • Trafficware
    • In 2018, CTS acquired Advanced Traffic Solutions Inc. ("Trafficware") for approximately $235.7 million in cash.[26][27]

Projects

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Cubic Transportation Systems has delivered over 400 projects in 40 markets on five continents.[28][29] Cubic first implemented mobile ticketing technology in 2006 and produces multiple mobile fare collection options, including mobile ticketing through barcoding, NFC tools, contact and contactless smartcard payments, and traditional automated fare collection systems. The Umo Mobility Platform was launched in January 2021.[30] Cubic Transportation Systems manages around 70% of the global market for smart transit cards.[31] Cubic processes more than 24 billion transactions a year.[32]

In 2017, Cubic was chosen to implement the AFC 2.0 project by the Massachusetts Bay Transportation Authority (MBTA) to update the MBTA's fare collection systems. This project was budgeted for $723 million, with a planned completion date of May 2021. As of May 2021, the cost of the project (now called "Fare Transformation") had risen to $935 million, with an updated completion date of 2024.[33][34][35] In February 2023, the MBTA announced that it considered the project "unlikely to meet the current 2024 timeline for full implementation".[36]

On October 21, 2022, it was announced that NZ Transport Agency Waka Kotahi had signed a contract with Cubic for the development of their National Ticketing Solution named Motu Move. The National Ticketing Solution will allow the use of a single fare card on public transport across the whole of New Zealand.[37]

Fare Collection Projects
Date Project Location
1993 MetroCard New York metropolitan area
1997 Skånetrafiken public transportation authority, JoJo card (phased out in December 2019) Skåne County
1997 Chicago Transit Authority Transit Card (phased out in 2014) Chicago
1999 WMATA SmarTrip Washington metropolitan area
2002 ChicagoCard Chicago
2003 Oyster card London
2004 BART EZ Rider San Francisco Bay Area
2005 Go-To card Minneapolis
2006 RMV / KVV Mobile Ticketing Frankfurt Rhine-Main
2006 MARTA Breeze Card Atlanta metropolitan area
2007 PATCO Freedom Card Philadelphia and South Jersey
2007 PATH SmartLink New York metropolitan area
2008 go card South East Queensland
2008 Transit Access Pass Los Angeles County
2009 Modena
2009 Easy Card Miami metropolitan area
2009 Compass Card San Diego County
2010 MTA CharmCard Maryland
2010 Scania
2010 Clipper card San Francisco Bay Area[38]
2011 PATCO Open Payment Pilot including Google Wallet acceptance Philadelphia and South Jersey
2012 London Future Ticketing agreement London
2012 Opal card New South Wales
2013 Ventra Card Chicago
2013 Compass Card Vancouver
2018 Next Generation Ticketing System Queensland
2019 OMNY[39] New York[40]
2021 Umo Mobility Platform[41] Valley Regional Transit (Boise)[42]
2021 Umo Pass[43] Rogue Valley Transportation District (RVTD)
2022 Umo Mobility Platform[44] Milwaukee County Transit[45][46]
2022 Umo Mobility Platform[47] BC Transit (Canada)[48][49]
2024 (estimated) Next Generation Contactless Ticketing System[50] Port Authority Trans-Hudson (PATH)[51]
2024 (initial rollout) Motu Move New Zealand
2024 (estimated) AFC 2.0/Fare Transformation Massachusetts

Other units

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  • DTECH Labs provides communications products for military, government, first responders, and civilian customers.[52]
  • TeraLogics is a provider of real-time Full Motion Video Processing Exploitation and Dissemination for the Department of Defense, the intelligence community, and commercial customers based in Ashburn, Virginia.[53]
  • GATR Technologies manufactures portable, inflatable SATCOM and C4ISR terminals for tactical communications in harsh and forward or remote deployed environments.[53]
  • Vocality provides embedded technology that unifies communication platforms enabling its business, government, and military customers to communicate securely using legacy systems with the latest wireless and cellular networks.[54]
  • PIXIA Corp. is an imagery management company.[55]

References

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  1. ^ "About". Cubic Corporation.
  2. ^ a b "Cubic Streamlines Business Segments to Drive Superior Customer Value and Enhance Operational Effectiveness". Cubic Corporation. Retrieved October 5, 2020.
  3. ^ "Cubic History". Cubic Corporation. Retrieved November 23, 2021.
  4. ^ "Cubic Timeline". Cubic Corporation. Retrieved November 23, 2021.
  5. ^ "Cubic History: Founding, Timeline, and Milestones". Zippia. August 27, 2020. Retrieved November 30, 2021.
  6. ^ "Bradley H. Feldmann: Executive Profile & Biography". Bloomberg L.P.
  7. ^ "Cubic Announces Completion of Acquisition by Veritas Capital and Evergreen Coast Capital". Yahoo! News.
  8. ^ "Cubic accepts sweetened buyout offer from Veritas Capital, Elliott". Reuters. March 31, 2021. Retrieved October 30, 2023.
  9. ^ "'Serious concerns': Losing myki bidder raises questions about tender process". The Age. June 6, 2023.
  10. ^ Staff, Usbe I. T. (2005). "Homeland Security: Creating Opportunity Out of Disaster". US Black Engineer and Information Technology. 28 (4): 16–26. JSTOR 43689974. Retrieved January 31, 2023.
  11. ^ "Cubic Mission Solutions".
  12. ^ "Cubic Mission Solutions Expands". Archived from the original on March 28, 2017. Retrieved March 27, 2017.
  13. ^ "Cubic Transportation Systems – Solutions". Cubic Corporation. Retrieved May 18, 2021.
  14. ^ "Cubic: Recent MaaS Company Failures among Signs Pointing to Need for 'MaaS 2.0' | NFC Times – Near Field Communication and all contactless technology".
  15. ^ Wright, Ann (March 3, 2011). "Cubic Transportation Systems offers to take on myki". Herald Sun. news.com.au. Retrieved October 29, 2012.
  16. ^ "NVV picks Cubic Transportation for mobile ticketing service". Telecompaper. November 15, 2011. Retrieved October 29, 2012.
  17. ^ "Cubic Transportation Systems wins Oyster ticket machine tender" (Press release). Association of Train Operating Companies. May 23, 2006. Retrieved October 29, 2012.
  18. ^ "Cubic Corporation > Transportation > Solutions". Cubic Corporation. Retrieved September 28, 2015.
  19. ^ Minchin, Joshua. "The Netflix of travel? Cubic launches new transit tech subscription Umo". Intelligent Transport. Retrieved January 27, 2021.
  20. ^ "Cubic announces global launch of Umo, a suite of mobility products available on a subscription model". Transport Ticketing Global. Retrieved January 26, 2021.
  21. ^ "CTA gives Ventra contractor green light". February 5, 2014.
  22. ^ "Cubic Corporation > Transportation > Solutions > Traffic Management". Cubic Corporation. Retrieved September 28, 2015.
  23. ^ "Cubic Corporation > Transportation > Solutions > Tolling". Cubic Corporation. Retrieved September 28, 2015.
  24. ^ "Cubic Corporation > Transportation > Services > Asset Management". cubic.com. Retrieved September 28, 2015.
  25. ^ McDermott, Brenna. "Knoxville traffic management tech company Gridsmart acquired for $87M". Knox News. Retrieved January 30, 2023.
  26. ^ Marcus, David (January 14, 2022). "Rising Stars: Hogan Lovells Makes One M&A Partner, Four Counsel". The Deal. Retrieved January 14, 2022.
  27. ^ Flynn, Mary Kathleen (October 26, 2018). "M&A wrap: Bruce Stein, David Rubenstein, Michael Jordan, Axiomatic, Jordan Co., GTCR". The Middle Market. Retrieved October 26, 2018.
  28. ^ Freeman, Mike (July 14, 2016). "Cubic targets tap-to-pay technology for transit fares". The San Diego Union-Tribune. Retrieved July 14, 2016.
  29. ^ Balaban, Dan. "Cubic: Recent MaaS Company Failures Among Signs Pointing to Need for MaaS 2.0". NFC Times. Retrieved July 12, 2021.
  30. ^ "Cubic announces global launch of Umo platform to simplify urban mobility". Mass Transit. January 26, 2021. Retrieved January 26, 2021.
  31. ^ Reid, Carlton (January 9, 2020). "Oyster Card Supplier Cubic Signs Integration Deal With Transit App Maker Moovit". Forbes. Retrieved January 13, 2020.
  32. ^ "Cubic Transportation Systems, NextWave Brochure" (PDF).
  33. ^ Jessen, Klark. "MBTA: AFC 2.0 to Support Faster Trips on Buses and Green Line Trains". Retrieved November 23, 2021.
  34. ^ Anderson, Karen (May 13, 2021). "5 Investigates: MBTA's new fare collection contract years late, millions over budget". WCVB. Retrieved November 23, 2021.
  35. ^ "Fare Transformation Fares Overview". MBTA. Retrieved November 23, 2021.
  36. ^ "MBTA expects new fare collection system to be delayed beyond 2024 deadline". February 27, 2023.
  37. ^ "Waka Kotahi New Zealand Transport Agency Selects Cubic Transportation Systems to Provide a National Ticketing Solution For its Public Transport". cubic.com. October 21, 2022. Retrieved October 20, 2022.
  38. ^ "Solving the Bay Area's Fare Policy Problem: How streamlined, integrated fares can help the region realize the promise of transit". SPUR (San Francisco Bay Area Planning and Urban Research Association). May 1, 2019. Retrieved January 31, 2023.
  39. ^ "Cubic Wins NYC MTA MetroCard Contract Through 2022". PYMNTS. November 18, 2016. Retrieved November 18, 2016.
  40. ^ "Cubic wins contract from MTA to replace MetroCard with new fare payment system". ITS International. Retrieved October 27, 2017.
  41. ^ Descant, Skip (November 5, 2021). "Boise Transit Adopts Digital Fare Payment Technology". Government Technology. Retrieved November 5, 2021.
  42. ^ "City Go, Umo Mobility Partner to Launch City Go Wallet". Metro Magazine. Retrieved November 3, 2021.
  43. ^ Balaban, Dan (June 5, 2021). "Cubic Announces Two More Small Transit Agencies Launching Umo, as Company Seeks to Broaden Market Reach". Mobility Payments. Retrieved June 5, 2021.
  44. ^ "Milwaukee modernises fare collection system". Smart Cities World. Retrieved February 14, 2022.
  45. ^ Descant, Skip (February 18, 2022). "Milwaukee County Transit Updates Fare Collection, Trip Tech". Government Technology. Retrieved February 18, 2022.
  46. ^ Kilmer, Graham. "New MCTS Mobile App Launches Friday". Urban Milwaukee. Retrieved April 28, 2022.
  47. ^ "BC Transit announces details of its coming electronic fare collection system". Mass Transit. January 27, 2022. Retrieved January 27, 2022.
  48. ^ Chan, Adam (January 26, 2022). "BC Transit to launch tap fare system with Victoria pilot in 2022". CTV News Vancouver Island. Retrieved January 26, 2022.
  49. ^ "BC Transit, Cubic's Umo Roll Out Contactless Payment Capabilities". Metro Magazine. Retrieved January 28, 2022.
  50. ^ Wanek-Libman, Mischa (January 12, 2022). "PATH readies its next generation fare collection system with Cubic contract". Mass Transit. Retrieved January 12, 2022.
  51. ^ Spencer, Ben. "CTS prepares Paths for contactless travel". ITS International. Retrieved January 24, 2022.
  52. ^ "Cubic Corporation (NYSE:CUB) acquired DTECH LABS, Inc". Technology Investment Banking. December 16, 2014. Retrieved November 23, 2021.
  53. ^ a b Clevenger, Andrew (December 21, 2015). "Cubic Announces Purchase of GATR, TeraLogics". Defense News. Retrieved November 23, 2021.
  54. ^ Abott, Rich (December 2, 2016). "Cubic Acquires Vocality". Defense Daily. Retrieved November 23, 2021.
  55. ^ Biesecker, Cal (January 6, 2020). "Cubic Completes Acquisition Of Imagery Management Company PIXIA". Defense Daily. Retrieved November 23, 2021.
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