Cubic Corp. has signed a letter of...
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Cubic Corp. has signed a letter of intent to acquire Automatic Toll Systems, a supplier of toll road collection equipment, from Basix Corp. for $26 million in cash, San Diego-based Cubic said Monday.
The deal, to be completed this month, will add about $20 million to Cubic’s annual revenue, and boost Cubic’s backlog by about $50 million, according to Cubic Chairman Walter J. Zable.
The proposed acquisition “rounds out Cubic’s computerized fare collection business,” according to Zable, who explained that Cubic’s Western Data subsidiary previously did not offer automatic coin machine devices.
Automatic Toll Systems employs about 300 people, 150 of whom are at the company’s Mount Vernon, N.Y., headquarters. The rest service, install and maintain toll equipment devices around the country.
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