Cubic Corp. completed the acquisition of Serco’s Transport Solutions business for an enterprise value of $70 million subject to adjustment as set forth in the purchase agreement. Cubic announced last June that it had entered into exclusive due diligence for the acquisition.
Serco’s Transport Solutions business will become a part of Cubic Transportation Systems, a leading integrator of payment and information technology and services for intelligent travel solutions. Serco’s Transport Solutions business is primarily a U.K.-based transport technology and services business and had revenues in the last calendar year of approximately $67 million.
For more than 20 years, Serco’s Transport Solutions business 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.
The business also 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.
Serco Transport Solutions employs 253 people across the U.K. and three in Australia with offices in Stockton on Tees, Beckton (East London), Belfast, Birmingham and Cumbernauld, near Glasgow, Scotland, as well as in Sydney.