Q-FREE ACQUIRES TCS INTERNATIONAL INC. - US
Q-Free ASA has agreed to acquire 100 % of the shares of TCS International Inc. The company has 15 employees with offices in Boston, MA, US, and a subsidiary in Toronto, ON, Canada.
TCS was established in 1999 and is an innovative company within Advanced Transportation Management Systems (ATMS), specialising in Parking Guidance and Management systems.
- TCS is a market leader within parking guidance systems in the US and Canada, and as such will form a strong basis for further growth within the parking technology market, both inside and outside the North America. Furthermore this acquisition represents an important first step towards building an ATMS business line in Q-Free adding to our strong tolling activity. This will over time enable increased underlying business and hence decrease the dependency of larger tolling projects, comments Dr. Øyvind Isaksen, CEO of Q-Free ASA.
The present General Manager of TCS, Greg Parzych, will continue as General Manager after the acquisition. - We are looking forward to be an integrated part of a larger world-wide company facilitating both better market reach and new innovative common solutions, comments Mr. Parzych.
Isaksen further comments that, - Advanced Transportation Management and Road User Charging will over time converge, - both from a market and technology platform perspective, and as such it is important for Q-Free to build capabilities in both these areas.
In 2011 TCS reported revenues of 4.0 MUSD, and an EBIT of 0.2 MUSD. For 2012 the company expects revenues of 4.6 MUSD and EBIT of 1.1 MUSD. The company will be consolidated in Q-Free`s accounts from 31st December 2012.
Total payment for 100% of the shares in TCS will depend on financial performance in 2013 and 2014, and amount to a minimum of 5.7 MUSD and a maximum of 9.9 MUSD.
Trondheim 27th of December 2012
For further information, please contact:
CEO Øyvind Isaksen, cell: 47 908 76 398
CFO Roar Østbø, cell: 47 932 45 175
Q-Free is a leading global supplier of products and solutions for Road User Charging and Advanced Transportation Management. The company has approximately 300 employees and is represented in 17 countries. Headquarter is based in Trondheim, Norway. Q-Free is listed on the Oslo Stock Exchange with the ticker QFR.