Transport for London (TfL) has awarded the Electra contract, to provide the capital's ticketing and fare collection services, to Cubic Transportation Systems Ltd.
Three companies, LG CNS Co Ltd, Scheidt & Bachmann GmbH and Cubic Transportation Systems were shortlisted and invited to submit detailed bids.
Following this process, Cubic was selected as the successful bidder.
The new contract is worth around £660m over the next ten years.
This means an annual saving of £11million a year that will be reinvested to make further improvements to London's transport for customers.
The contract begins in August 2015 for a term of seven years with an early exit option at five years and extension options of up to three years.
Matthew Hudson, TfL's Customer Experience Head of Business Development, said:
'After a strong competition, I am confident we have selected the right partner in Cubic who will continue to deliver the high levels of service our customers expect and innovative solutions to make their journeys better.'
Roger Crow, Senior Vice President and Managing Director at Cubic Transportation Systems, commented:
'We are delighted to continue working with Transport for London in its next phase of ticketing and fare collection delivery. The period covered by the Electra contract will see exciting opportunities presented by new technology as well as significant challenges as the population of London continues to grow. We are ever mindful of TfL's public service obligations and would like to reiterate the complete commitment of the entire Cubic team to delivery in each and every respect.'
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