Transport for London (TfL) has confirmed the award of its ticketing and fare collection contract, starting in August 2015, to San Diego-based Cubic Corp.’s UK subsidiary Cubic Transportation Systems Limited following a competitive tender.
The terms of the contract, which are denoted in pounds sterling, are for seven years with a value of over $700 million. It includes an option to extend the contract for a further three years, giving the contract an expected value of over $1 billion.
The announcement means the continuation of the partnership between TfL and Cubic, which has seen the introduction and network-wide roll out of the iconic Oyster card. Recently, contactless payments have also increased choice and convenience for the millions of travelers who use the London network every day.
Electra includes an initial stage plus extension options up to a total 10-year term. Central to the requirement is the use of technology to reduce costs and improve service to help cope with the increased demand from London’s burgeoning population.
Cubic has been associated with ticketing and revenue management in London for over three decades, earning unrivaled understanding of the intricacies of one of the world’s busiest and most complex urban travel networks. The organization has supported TfL and its predecessor, London Transport, through many major events, including the London 2012 Olympic and Paralympic Games, and the Queen’s Diamond Jubilee. During this time, the performance of the public transport network garnered universal praise.
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