Cubic Corporation has completed the acquisition of Serco’s Transport Solutions business for an enterprise value of £43.5 million ($70 million) subject to adjustment as set forth in the purchase agreement.

Serco’s Transport Solutions business is primarily a United Kingdom-based transport technology and services business, with revenues in the last calendar year of approximately £42 million ($67 million). It will become a part of Cubic Transportation Systems.

For more than 20 years, Serco’s Transport Solutions business has specialized in the development and supply of traffic management systems for the monitoring and control of urban and intraurban road networks, encompassing integrated traffic and incident management, decision support, bus tracking, and passenger information through integrated user interfaces.

The business also provides safety camera and associated back office solutions, as well as capability for the installation and maintenance of intelligent transport systems and equipment, such as maintaining over a third of London’s traffic lights.