Cubic Corp. Completes Purchase Of Serco's Transport Solutions Business

(RTTNews) - Cubic Corp. (CUB), Wednesday said it completed the acquisition of Serco's Transport Solutions business for an enterprise value of 43.5 million pounds or $70 million. Cubic, which is an integrator of payment and information technology and services for intelligent travel solutions, said it entered into exclusive due diligence for the acquisition last June. Serco's Transport Solutions business, which had revenues of about 42 million pounds or $67 million, will become a part of Cubic Transportation Systems.

Serco's Transport Solutions business, which employs about 253 people, has specialized in the development and supply of complex traffic management systems for the monitoring and control of urban and intra-urban road networks, encompassing integrated traffic and incident management, decision support, bus tracking and passenger information through integrated user interfaces. Additionally it provides safety camera and associated back office solutions as well as a complete capability for the installation and maintenance of intelligent transport systems and equipment, such as maintaining over a third of London's traffic lights.