Q-FREE – LARGE ALPR FRAME AGREEMENT
Q-Free has signed a frame agreement to provide a large number of licenses for its Intrada Automated License Plate Recognition (ALPR) software to a customer in the USA. The frame contract has an expected value of 80-130 MNOK depending on license volumes. However, the contract value will not be included in our backlog or order intake in Q3-19 as there is no minimum volume.
Q-Free’s Intrada SW employs advanced image-based and automation processing technology to achieve a high level of process automation and an industry leading 99.95% accuracy. The system uses an interactive learning tiered approach rather than the single review process typically found in other image review solutions. Intrada is used in e.g. tolling, parking, border-control and enforcement applications. Currently, there are more than 50 000 active Intrada licenses in operation throughout the world.
-We are excited to have signed this frame contract for our industry-leading ALPR SW. The expected license volumes are substantial and will generate high-margin revenues for Q-Free in the coming years. We remain confident that our technology leadership will enable further growth for our ALPR business, comments President & CEO, Håkon Volldal.
For further information, please contact:
President & CEO, Håkon Volldal: +47 977 19 973
CFO, Tor Eirik Knutsen: +47 950 50 062
About Q-Free
Q-Free is a leading global supplier of Intelligent Transportation Systems comprising tolling, parking, infomobility, traffic management and C -ITS/connected vehicle solutions. Founded in 1984 and headquartered in Trondheim, Norway, the company has annual revenues of approximately 1 billion NOK, approximately 380 employees, offices in 17 countries, and a presence on all continents. Q-Free is listed on the Oslo Stock Exchange under the ticker QFR.
Twitter:@Q-FreeASA