Webtech Wireless sells Nextbus for $20.75m

Burnaby-based fleet management technology provider Webtech Wireless (TSX:WEW) announced January 24 that it has sold its California-based Nextbus subsidiary to a division of Cubic Corp. ...

NextBus provides passenger information systems that give real-time arrival info through mobile devices

Burnaby-based fleet management technology provider Webtech Wireless (TSX:WEW) announced January 24 that it has sold its California-based Nextbus subsidiary to a division of Cubic Corp. (NYSE:CUB) for $20.75 million cash.

NextBus provides passenger information systems to transit agency customers across North America. The software gives passengers real-time arrival information about buses, subways and trains. It also offers commuters a GPS-enabled mobile website that recognizes stops in proximity order among other data.

"When we acquired the Nextbus business in 2009, we believed it was a jewel in the rough with the potential to produce superior operating results, which would ultimately have significant value as a stand-alone business," said Webtech Wireless CFO Andrew Morton.

"Today's announcement demonstrates that we have delivered on the value we saw."

Webtech Wireless will continue to provide ongoing hardware and other services to NextBus.

Webtech Wireless' shares rose 17.65%, or $0.045, to $0.29. Shares of Cubic Corp. rose 1.81%, or US$0.84, to US$47.36.

gkorstrom@biv.com

@GlenKorstrom

comments powered by Disqus

Also Read

More From Technology

B.C. tech giant sinks more than US$100 million into machine-to-machine portfolio 

Read Article

Creating a strong password is essential to protecting your important data. Could you be putting your information at risk?

Read Article

Researchers at Point Grey facility have pioneered a way to replace Canada’s limited medical isotope supply without a nuclear reactor

Read Article

When Lighthouse Labs organized a free daylong coding camp last January, more than 1,300 people registered for 500 seats. 

Read Article

Comments

Subscribe to our mailing lists

* indicates required

Newsletters

* You can modify your newsletter subscriptions at the bottom of any newsletter you receive.
×