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 Innovation

Sitting at the Cloud Factory tech conference in Banff last March, Brent Holliday recalls a pitch session veering toward talk of what Canadian startup is ...

Read Article

Ottawa is setting aside 60% of its advance wireless services (AWS) band for new entrants in a bid to boost competition in a telecom landscape ...

Read Article

Vancouver’s Avigilon Corporation (TSX:AVO) has snapped up the entire patent portfolio of a U.S.-based video software developer for US$80 million. 

Read Article

Considering the technological breakthroughs we have had with the Internet and other communications technologies, it’s amazing that...

Read Article

Ballard's new CEO has extensive experience in clean energy and a knack for corporate turnarounds

Read Article

Subscribe to our mailing lists

* indicates required

Newsletters

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