Transport for London (TfL) has announced Cubic Transportation Systems has been granted the Electra contract. 

This will see the firm continue to provide ticketing and fare collection services for public transport in the capital. 

In addition to Cubic, LG CNS Co and Scheidt & Bachmann GmbH had also been shortlisted - and all three firms were invited to submit detailed bids. 

The new contract begins in August 2015 for a period of seven years and is worth around £660 million over the next ten years. 

An early exit option has been made available at five years, with extension options taking the contract up to ten years. 

Customer experience head of business development for TfL Matthew Hudson expressed his belief in Cubic's ability to offer good value. 

"I am confident we have selected the right partner in Cubic who will continue to deliver the high levels of service our customers expect and innovative solutions to make their journeys better," he commented.