Cubic Transportation Systems has won the contract for Transport for London's (TfL) Oyster system. It will sublet some of the work to EDS.
The companies were awarded the contract despite being the main players in the supplier consortium at the time of two software failures earlier this year.
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TfL has demanded £1m compensation for the failures.
TfL said the new arrangement would save money compared to the current private finance initiative (PFI) contract. The move is part of TfL's £2.4bn efficiency savings outlined last week in its ten year business plan. Ownership of the Oyster brand will pass to TfL.
Tfl announced the termination of the original contract in August, but it will run for another two years before the new, three-year contract takes its place.
The original swipe card system, which uses RFID technology to allow passengers to pay for travel on the London Underground and buses, was cancelled earlier this year after the software failures. EDS and Cubic were the main companies in the consortium of suppliers called Transys.
Shashi Verma, TfL's director of fares and ticketing, said, "Transport for London is delighted that its successful partnership with Cubic and EDS will now continue for the next five years. The new contracts will deliver better value for money and improvements to Oyster for passengers across London."
The Oyster system was originally created and maintained through a PFI contract with TranSys.