Leading global ticketing technology company Parkeon has been awarded a major contract by Cubic Transportation Systems Ltd to provide on-going support for the fare collection equipment and systems underpinning London’s bus network.

The contract – part of Transport for London’s £660M Electra programme – includes the long term asset refreshment of existing on-and-off vehicle equipment to ensure that future systems meet needs of customers using London’s fleet of over 8,500 buses. As part of this process, the latest generation of Parkeon’s ticketing technology will be introduced across the network and in more than 80 depots.

Commented Owen Griffith, Managing Director of Parkeon Transit: “This contract award continues Parkeon’s long standing, close working relationship with London, which started with TfL in the mid-1980s, and continued with Cubic Transportation Systems in a partnership that has successfully supplied bus ticketing across the capital since 1998. Now, we are looking forward to playing our part in introducing the innovative technologies that will enhance the customer experience and contribute to a more efficient transport network in London.”

The Electra contract covers the maintenance and availability of ticketing and fare collection equipment on buses, ticket gates at London Underground and London Overground stations, stand-alone validators including on the DLR , ticket machines and at the 250 National Rail stations where card readers are located. There are also around 4,000 retail devices at Oyster Ticket Stops across the capital.

Matthew Hudson, TfL’s Customer Experience Head of Business Development, said: “I am confident that the ticketing technology partnership led by Cubic and involving Parkeon will continue to deliver high levels of service our customers expect and innovative solutions to make their journeys better.”

Steve Shewmaker, President of Cubic Transportation Systems, commented: “London is unique among the cities Cubic serves and, together with partners such as Parkeon, we are committed to providing the best service and most appropriate innovation to support TfL in its mission to deliver a pioneering, world-class service for its citizens.”

TfL is soon to launch contactless payment card acceptance on the Tube and rail network. Contactless payments have been accepted on London’s buses since December 2012, with around 17 million journeys having been made over this period of time.