Tip Sheet: Paris Transport Authority Expected to Procure ABT Back Office
Also, debt woes continue for Cubic Corp.; Netherlands still stands by end date for 20-year-old Mifare card. [...]
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Ex-Cubic President Torrellas Lands at Supply Chain Risk Management Company after Unsuccessful Three-Year Run at CTS
Peter Torrellas, whose nearly three-year stint as president of the industry’s largest fare-system vendor ended last week, was named CEO of U.S.-based supply-chain risk management software and services company apexanalytix.
The company announced the...
Montgomery-Torrellas Resigns as Cubic Transportation Systems President; Cubic Corp. CEO to Take Over as Interim Chief
Cubic Transportation Systems president Peter Montgomery-Torrellas has resigned, saying he was leaving June 19 for a “new opportunity,” which he didn’t name. Steve Slijepcevic, chairman and CEO of CTS parent Cubic Corp. said he would assume the role of...
Conduent Agrees to Sell Transit Fare Business to Modaxo, Retaining Its Road Tolling Unit
U.S.-based Conduent has announced a deal to sell its public transit fare-system business for a low $164 million to Canada-based Modaxo Group, while keeping its tolling business.
The deal, which is set to close before the end of the year, would give Modaxo by...
Analysis: Cubic Takes Big Hit to Reputation in Losing Transport for London Contract, as Debt Woes Mount
The recent loss by Cubic Transportation Systems of Transport of London’s coveted revenue-collection contract comes at a bad time for the U.S.-based fare-system vendor, as it faces pressure to win more profitable deals and help stem a serious cash burn by...
Tip Sheet: Another Suitor Believed to have Emerged for Conduent’s Transportation Unit
Another Suitor Believed to have Emerged for Conduent’s Transportation Unit; also: More Layoffs Expected for Cubic. [...]
Tip Sheet: Layoffs at Cubic–Vendor Says It Amounts to Only 2% of Workforce but Won’t Release Figures; Insiders Say Cuts Taking Toll on Engineers, Others
U.S.-based Cubic Transportation Systems has yet to release a total for the number of employees it plans to lay off, but Mobility Payments is hearing it could be 15% or more across certain job categories, such as engineers, architects and project managers...
Ratings Agency Warns of ‘Onerous Debt Burden’ for Cubic, but Says Vendor’s Transit Clients Shouldn’t Worry
S&P Global, a major ratings agency, has downgraded Cubic Corp.’s credit rating to CCC+ from an already low B-, warning of an "onerous debt burden" for the company that includes Cubic Transportation Systems.
The primary analyst for the ratings change told...
Cubic Hires Former Vix Chief as Head of Business Development, Replacing ‘Turnaround Expert’ in Post
Cubic Transportation Systems has replaced its head of business development–and turnaround expert–Rich Varos with fare-industry veteran and former head of Vix Technology David Maitland, Mobility Payments has learned.
The move, coming after Varos was in...
In-Depth: New York’s MTA Takes Away Part of OMNY Project from Cubic; Seeks Completion of Rollout by Close of 2025
New York transit authority MTA today took a key part of its high-profile OMNY fare system away from its main technology vendor, Cubic Transportation Systems, as it seeks to complete OMNY over the next 18 months.
The board of the Metropolitan Transportation...
