Knoxville, TN January 2, 2019 — GRIDSMART Technologies, Inc. has been acquired by Cubic Corporation, a market-leading, technology-driven provider of integrated solutions that increase situational understanding in transportation and defense. GRIDSMART’s mission to “Improve A Billion Lives Through Intelligence” will be strengthened through Cubic Corporation’s vast global reach with opportunities to deliver safe and efficient solutions in intersections around the world for drivers, pedestrians, and cyclists alike. Simultaneously, the acquisition advances Cubic’s NextCity® vision of creating a smarter future in transportation by adding a single camera solution for video detection, and Wi-Fi based congestion management technology to the company’s already versed product portfolio.
“GRIDSMART’s intelligent, data-rich detection technology, combined with Cubic’s existing transportation capabilities, will enhance our ability to offer compelling solutions to reduce urban congestion and improve traveler mobility. This market-leading, technology-driven acquisition fits perfectly with our strategy to lead next‐generation intelligent traffic solutions worldwide,” said Bradley H. Feldmann, chairman, president and chief executive officer of Cubic Corporation. “We welcome the GRIDSMART team to the Cubic family and are excited to add this growing intelligent transportation systems business to our portfolio.”
GRIDSMART is a market-leading business in the Intelligent Transportation Systems space, delivering the world’s most trusted and only field-tested, single camera system for actuation, data collection, and situational awareness. GRIDSMART pioneered horizon to horizon tracking with a fisheye lens for ITS applications and is the only system to track vehicle trajectory from approach through the center of the intersection to exit.
GRIDSMART’s unmatched accuracy and simplicity in use is perfected through 2.1 million days of operational success in real-world video processed across all environmental conditions. GRIDSMART has counted and classified more than 43 billion vehicles worldwide, delivering safe and efficient solutions in 7,000 intersections spanning across 1,200 cities, 49 states, and 29 countries.
“GRIDSMART is recognized as a leader in intersection management and analysis as we strive to deliver superior performance and results to all of our users. With Cubic’s support we look to expand our network while maintaining the culture and experience our consumers have grown to know,” said Bill Malkes, chief executive officer of GRIDSMART Technologies, Inc. “The decision to join Cubic Corporation is the absolute best for GRIDSMART Technologies as we look to the connected future.”
ABOUT GRIDSMART: GRIDSMART Technologies, Inc. is a Knoxville, Tennessee based company that uses the most advanced vision processing algorithms in the world of traffic. GRIDSMART is the world’s first single camera solution for intersection actuation, traffic data collection, and situational awareness. The GRIDSMART System actuates intersections and gathers important traffic data to adjust signal timing and traffic flow strategies. GRIDSMART enables real-time remote monitoring and visual assessment. The GRIDSMART System is currently deployed in 29 countries and 49 states. For more information about GRIDSMART, please visit www.gridsmart.com.
ABOUT CUBIC CORPORATION: Cubic is a technology-driven, market-leading provider of integrated solutions that increase situational understanding for transportation, defense C4ISR and training customers worldwide to decrease urban congestion and improve the militaries’ effectiveness and operational readiness. Our teams innovate to make a positive difference in people’s lives. We simplify their daily journeys. We promote mission success and safety for those who serve their nation. For more information about Cubic, please visit www.cubic.com or on Twitter @CubicCorp.
This release contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements about our expectations, beliefs, plans, objectives, assumptions or future events or our future financial and/or operating performance are not historical and may be forward-looking, including, among others, Cubic’s or GRIDSMART’s strategies to lead next‐generation intelligent traffic solutions and solve the challenges of urban congestion, and the potential to realize synergies and benefits from the acquisition. These statements are often, but not always, made through the use of words or phrases such as “may,” “will,” “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “believe,” “intend,” “predict,” “potential,” “opportunity” and similar words or phrases or the negatives of these words or phrases. These statements involve estimates, assumptions and uncertainties, including, among others: risks associated with the ability to successfully integrate GRIDSMART into Cubic’s business and to properly assess the effects of such integration on its financial results; competition and technology changes in the industries in which Cubic or GRIDSMART does business; Cubic’s or GRIDSMART’s ability to successfully develop, introduce and sell new products, systems and services in current and future markets; and those discussed in “Risk Factors” in Cubic’s annual report on Form 10-K for the year ended September 30, 2018 and subsequent quarterly reports on Form 10-Q, that could cause actual results to differ materially from those expressed in these statements. Because the risk factors referred to above could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements made by us or on our behalf, you should not place undue reliance on any forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.