Q-Free – Increases its stake in Intelight in the US
Trondheim, 19 March 2015: Q-Free ASA has signed a share purchase agreement and a shareholders agreement to acquire shares in the US traffic controller supplier, Intelight Inc. over a five year period. This will be done through a five year option program, giving shareholders option to sell shares at closing in 2015 and in five subsequent years valid from 2016, giving Q-Free the opportunity to each year add some 15 percent of Intelight-shares to the current 10.2 percent shareholding. At end of the five year period in the second quarter of 2020, Q-Free has the option to acquire the rest of the shares. The first transaction will be closed during the second quarter 2015 and is expected to bring Q-Free’s total shareholdings in the company up to approximately 25 percent. The activity of Intelight will be consolidated in the Q-Free accounts from the closing date of the first transaction. Q-Free will provide more details on the transaction when announcing the closing.
Intelight has been part of our ATMS strategy since 2013 and the company fits well into our portfolio. Together with Q-Free Elcom, Intelight makes Q-Free able to meet demands from Urban Traffic Management-markets in all selected regions, supporting our global strategy. The acquisition will increase the number of employees to 130 in the US and will also increase revenue synergies for the existing Q-Free activities in this market, says Q-Free CEO Thomas Falck.
Intelight manufactures innovative traffic management products including advanced traffic controllers, traffic control cabinets, smart signals and web-based central software systems. The company is among the leading suppliers of systems and services to the US market for Urban Traffic Management.
Intelight’s products and services are based on the most recent technology and open platforms, making the company able to meet a broader range of future demands in the North American market.
The company is founded by Craig Gardner, headquartered in Tucson, Arizona, with 26 employees. Intelight's employees are highly talented and qualified, and bring expertise to the company in the areas of systems, traffic and electrical engineering. Craig Gardner founder of Intelight, will remain on the Intelight Board and as the company’s current President.
All employees are very enthusiastic about the opportunity to become part of a large international operation with a global network. The additional market exposure and availability of resources will contribute to further expansion of our business together with the rest of the Q-Free family, says Craig Gardner, President of Intelight.
For further information, please contact:
CEO Thomas Falck: +47 468 00 767
CFO Roar Østbø: +47 932 45 175
Q-Free is a leading global supplier of products and solutions within Road User Charging and Advanced Transportation Management Systems. The Q-Free Group has approximately 400 employees with offices in 18 countries and presence on all continents. The Q-Free head office is in Trondheim, Norway. Q-Free is listed on Oslo Stock Exchange under the ticker QFR.