Cubic acquires Gridsmart to expand intelligent traffic management portfolio

Cubic has acquired US technology company Gridsmart Technologies in an $87 million deal and will use its video tracking solution to help reduce congestion. Gridsmart’s Bell Camera offers horizon to horizon tracking with a fisheye lens for intersection actuation, data collection and situational awareness. The solution is also expected to track vehicle trajectory from approach through the centre of the intersection to exit. The acquisition will also help advance Cubic’s NextCity vision of creating a smarte
January 4, 2019 Read time: 2 mins
© Keatanan Viya | Dreamstime.com

Cubic has acquired US technology company 8097 Gridsmart Technologies in an $87 million deal and will use its video tracking solution to help reduce congestion.

Gridsmart’s Bell Camera offers horizon to horizon tracking with a fisheye lens for intersection actuation, data collection and situational awareness. The solution is also expected to track vehicle trajectory from approach through the centre of the intersection to exit.

The acquisition will also help advance Cubic’s NextCity vision of creating a smarter future in transportation.

Bill Malkes, chief executive officer of Gridsmart, says the company will work with Cubic to develop its vision of improving one billion lives with intelligence.

In October 2018, Cubic acquired traffic management specialist Trafficware to offer broader solutions for combating urban congestion – in a deal valued $235.7 million.

Matt Cole, president of Cubic Transportation Systems, says: “This strategic investment in Gridsmart will not only enhance our growth profile through synergies with Trafficware but also strengthen Cubic’s Surface Transport Management solution offering.”

Cubic’s solution is intended to help transportation management centres manage multimodal transportation networks and provide safe journeys for all users.

For the full calendar year 2019, Gridsmart is expected to contribute approximately $35m in sales and $8m of adjusted EBITDA (earnings before interests, taxes, depreciation, and amortisation). Cubic anticipates the transaction will be accretive to cash earnings per share in the first year of operations. 

This transaction is subject to customary adjustments.

UTC

Related Content

  • April 8, 2019
    Getaround brings car-sharing service to Atlanta
    Getaround is launching its car-sharing platform in the US city of Atlanta, allowing residents to earn money by making their car available to rent. The company says the platform utilises cars already on the road and will therefore help to reduce traffic and congestion. Each car is equipped with Getaround Connect, a proprietary technology that allows renters to locate and unlock the car using the company’s app, removing the need to meet the owner in-person for a manual key exchange. Getaround’s safety
    Read More
  • September 7, 2014
    Cubic demonstrates new services for US market
    Cubic, whose transportation solutions power some of the major urban centres across the world, including London, San Francisco, Chicago, Vancouver, New York, Los Angeles, San Diego, Sydney, and Brisbane, is showcasing two vital new services for the US market here at the ITS World Congress. The first is its Intelligent Transport Management Solutions (ITMS) which have already powered the transport and infrastructure projects for the Sydney and London Olympic Games. The company says that, with an unrivalled exp
    Read More
  • June 2, 2017
    McCain partners with Gridsmart in Southern California
    US transportation systems supplier McCain has become the exclusive Southern California distributor for Gridsmart Technologies, developer of a single-camera solution for intersection actuation, traffic data collection and situational awareness.
    Read More
  • March 19, 2018
    Pips Technology brand comes alive at Intertraffic
    Neology, the US-headquartered technology leader supplying private industry and governments with advanced tolling, ITS, and Automatic Number Plate Recognition (ANPR) solutions, is aiming to re-establish the Pips Technology brand and launch an innovative new ANPR camera. Pips Technology, a name traditionally synonymous with high-performance ANPR solutions, was acquired by Neology last year, along with its technology. It is a strategic acquisition that complements and strengthens Neology’s traditional core bus
    Read More

Highlighted Content