CODA-Financials is just the ticket for Cubic

CODA Group, the finance systems specialist, today announced that Cubic Transportation Systems, Inc., a subsidiary of Cubic Corporation (AMEX:CUB), has signed a Solution Provider Agreement to resell CODA e-Finance and CODA-XL. The agreement allows Cubic to integrate CODA’s award-winning accounting software into Cubic’s world-class mass transport ticketing systems.

Cubic’s automated fare collection systems enable seamless commuter access to bus, light-rail, mainline rail, underground systems, parking and other public transport systems, in some of the world’s busiest cities including London, New York, Washington, D.C., and Chicago.

With the expansion of its base of regional payment systems and services, Cubic has evolved its back office central system to support sophisticated financial allocation, clearing and settlement and accounting capabilities. In its search for a multi-currency, multi-country, multi-platform accounting system, Cubic realised that it had the answer in its own back yard; CODA supplies financial software for Cubic’s corporate accounting function. After evaluating it against the needs of the mass transport ticketing system, Cubic determined that CODA e-Finance met all the selection criteria. In addition, Cubic saw additional benefits in terms of ease of integration and ongoing support because of the its familiarity with the functionality of the software.

In keeping with Cubic’s ‘best of class’ development philosophy, Cubic will integrate CODA’s financial software with Cubic’s NextfareTM Central System, adding functionality and high adaptability.

“CODA e-Finance will facilitate the cross-billing and reporting necessary to ensure that each operator within a regional fare collection system sees its share of the revenues and costs,” said James Karam, senior vice president of engineering and program management for Cubic Transportation Systems.

CODA e-Finance is designed to cope with the needs of many different national accounting practices, languages and currencies. CODA’s implementation of XML and excellent platform independence makes for easy integration, easy maintenance, easy support and easy upgrades.

Cubic is currently implementing CODA e-Finance as part of its ticketing system projects in the cities of San Diego, California, and Brisbane in Queensland, Australia. These systems are due to go into operation during the second quarter of 2005.

Jeremy Roche, CEO of CODA Group, said: “Typically, a transportation ticketing system of this sort is highly automated, but has to handle the needs of many different owners of infrastructure. While the volume of transactions is high, many of the transactions are similar, but they need to be quickly sorted and recharged to the right organizations within the programme. The nominal account structure of CODA e-Finance simplifies the job of recharging the various service providers within a mass transport system.”

Cubic’s contract with CODA allows it to resell CODA e-Finance globally. Typical systems require between only 4 and 20 concurrent CODA e-Finance users to manage all cross-charging and reporting functions.

Mr. Roche concluded: “This agreement underscores our belief that CODA is the partner of choice for software companies of all sizes with a specialist, vertical market solution that requires a financial application as a key component. CODA e-Finance is easy to integrate and supports accounting practices anywhere in the world. We are delighted that it is part of a solution from Cubic that will help make millions of rush-hour journeys a little easier.”

*Photography available on request.