Cubic Corp. of San Diego has acquired the assets of Lexis Systems, a Vancouver, Canada-based provider of revenue collection systems for parking and public transportation. The acquisition includes intellectual property, technology, the complete product line and software suite, inventory, and the Vancouver-based operations. The assets from Lexis Systems, together with the recently acquired Traf-Park Inc., make up a new business unit for Cubic Transportation Systems, called Cubic Parking Systems. The company is a wholly owned subsidiary of Cubic Corp.
The latest acquisition and company formation enhance Cubic's regional smart card systems for public transit in parking, a vital service in major metropolitan areas. The North American parking equipment and system control market is more than $200 million per year and is poised for growth as municipalities move away from single-space, coin-operated on-street meters to "multi-bay" meters that take contactless smart cards as a form of payment. With the combined installed customer base of Lexis and Traf-Park, Cubic Parking Systems has a substantial share of the parking market, with more than 2,200 pieces of equipment installed for almost 200 customers in the United States, Canada and Mexico. Lexis parking paper is designed for Lexis/Cubic parking machines, so people can Pay & Display or Pay By Space. These secure, automated pay stations making paying for parking easier because people can pay with credit cards instead of having to dig around in their pockets, purses, or cars for spare change. Parking receipts can also add to piece of mind. _______________________________________________________________________
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CUBIC LEXIS /HAMILTON /TRAF-PARK PARKING METER ROLLS
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