Cubic Buys NextBus
On Thursday, Cubic announced that its Cubic Transportation Systems subsidiary has acquired the NextBus subsidiary of Webtech Wireless for $20.7 million.
Cubic's subsidiary specializes in helping transport operators manage their operations, with a focus on fare payment systems. NextBus, meanwhile, is billed as being "North America's leading provider of real-time passenger information systems," serving more than 100 transit agencies in the U.S. and Canada, including such marquee customers as the metro systems of Los Angeles, Boston, Washington, D.C., and Toronto.
In a statement, Cubic said it intends to integrate NextBus into its own offerings to improve "utilization of information, wireless communications, and mobile devices as key technologies for the future of public transit" as part of a project it has dubbed "Nextcity."
Cubic shares reacted positively to the news, rising 1.8% Thursday to close at $47.36.
The article Cubic Buys NextBus originally appeared on Fool.com.Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends Cubic. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.