Author: Jane Edwards|| Date Published: January 7, 2020
Bradley Feldmann
Cubic (NYSE: CUB) has completed its acquisitions of Delerrok and PIXIA in a push to advance growth priorities for its mission solutions and transportation systems business segments.
Cubic said Monday it paid $200M to acquire the remaining 80 percent stake in PIXIA and $36.4M to buy the remaining 82.5 percent of Delerrok’s outstanding equity.
Delerrok offers TouchPass and other cloud-based fare collection systems, while PIXIA provides cloud-based platforms designed to access and manage large amounts of imagery data, wide-area motion imagery and geospatial data for U.S. intelligence agencies and other government customers.
Bradley Feldmann, chairman, president and CEO of Cubic and a previous Wash100 award winner, said the company will deliver electronic fare collection benefits to small- and mid-market transportation clients with the Delerrok acquisition and will leverage PIXIA’s experience supporting intelligence community and defense customers in geospatial data management to further build up the command, control, intelligence, surveillance and reconnaissance business. He added the company looks forward to advancing its NextCity and NextMission strategies through the acquisitions.
Cubic expects the two transactions to add approximately $0.20 to adjusted earnings per share and contribute approximately $15M of adjusted EBITDA and $40M in sales for fiscal year 2020.
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