Sound Transit has awarded init for the delivery and operation of an account-based electronic fare System
4 October 2018.
The largest order in the history of init innovation in traffic systems SE (ISIN DE 0005759807) has been signed: After confirmation by the ORCA Joint Board and the Sound Transit Board of Directors, the Central Puget Sound Regional Transit Authority (Sound Transit) has now awarded INIT Innovations in Transportation Inc. - a wholly owned US subsidiary of init SE - for the delivery of the next generation ORCA electronic fare system in the Central Puget Sound Region (Greater Seattle).
As already mentioned in our adhoc release on 7 September 2018 this contract conclusion includes a four-year project valued at approximately USD 50m with eleven additional one-year operations and maintenance options for a total amount exceeding USD 90m.
init will also be opening a development center in the Pacific Northwest as part of the contract to help serve its growing project needs up and down the West Coast.
