Cubic Acquires Traf-Park, Leading North American Parking Systems Provider

The acquisition marks the first step in a strategic roadmap to broaden Cubic’s core business in fare collection systems for public transportation by expanding its products and services group. The group will focus on leveraging Cubic’s smart card systems technology for additional commuter service applications, such as parking. Traf-Park’s current customer base includes mass transit operators, universities, hospitals, parking operators, museums, airports, hotels and exhibition centers.

Roy McCormick, President and CEO of Spots Parking commented, "Traf-Park has been a preferred supplier of parking systems equipment and services to Spots Parking for a number of years now. We are delighted to see Traf-Park joining with Cubic as this will enable the combined company to lead the introduction of new parking system functionality and services that will address our industry's evolving needs."

Jim Schleifer, vice president of products and services for Cubic Transportation Systems, Inc., will be the president of the new wholly-owned subsidiary of Cubic.

“Cubic’s acquisition of Traf-Park is consistent with our vision and strategy of expanding automated fare collection systems technology to commuter-oriented solutions that allow greater regional interoperability of smart card-based systems and increase the utility of transit patrons’ smart cards outside the transit system,” said Schleifer. “This is another step in establishing new market strategies and alliances that will expand markets we serve into other related applications including parking, event ticketing, security and access control.”

Pierre Blouin, who founded Traf-Park in 1990, will remain active in the company as vice president, business development, leveraging the strengths of the two companies to accelerate both parking and transit systems sales worldwide.

“We are excited about this venture and the opportunities it presents to expand the core offerings of two leading revenue collection suppliers for complementary markets,” said Blouin. “Our commitment to our current customers not only remains our top priority, but will be fortified through the additional resources of Cubic’s services business.”

About Cubic

Every year, nearly 10 billion rides are taken worldwide using Cubic fare collection systems. Cubic has delivered over 400 projects in 40 major markets on five continents. Active projects include London, New York / New Jersey region, Washington, D.C. / Baltimore / Virginia region, Los Angeles region, San Diego region, San Francisco, Minneapolis/St. Paul, Chicago, Houston, Atlanta, South Florida, Vancouver and Edmonton, Canada, Brisbane, Australia, Singapore, Bangkok, Thailand, and Scandinavia.

The corporation’s other major segment, Cubic Defense Applications, provides realistic combat training systems for military forces as well as simulation, force modernization, educational services, operations & maintenance and manufacturing services. The group also supplies products and systems for C4ISR (Command, Control, Communications, Computers, Intelligence, Surveillance & Reconnaissance) applications, search and rescue avionics and radio communications for military and civil markets. For more information about Cubic, see the company's web site at www.cubic.com.