Q-Free ASA has signed an agreement to acquire the activity in the Maltese parking management solutions company Traffiko for EUR 1 million. The transaction includes an earn-out clause with potential pay out maximised to additional EUR 1 million. Closing of this transaction is expected to happen during the second quarter in 2015.
-We are happy to include Traffiko to our portfolio. Through this transaction within parking management solutions, we are now able to deliver a complete range of solutions within this fast growing segment, says CEO Thomas Falck in Q-Free.
Traffiko has been a long-term partner to Q-Free for deliveries of a vital part of our parking management system in previous projects. This includes the newly announced APCOA-contract, for instalments of parking management systems to the parking garages at the Stockholm Globe Arena.
Traffiko is an intelligent transportation solutions company providing a wide range of advanced traffic applications including secure cloud hosted web-based applications for car park management, journey time analysis, on-street and off-street traffic related enforcement, access control, tracking, video analytics, traffic scene analysis, and revenue management, based on an integrated platform.
-We 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 Angelo Dalli, CEO of Traffiko.
Traffiko was established in 2006 and maintains operations in Malta with customer references in Europe, North America, the Middle East and Australia with more than 650,000 active user accounts. In 2014, Traffiko generated revenues of some NOK 4 million. The company currently has five employees and will be embarking on a recruitment drive during 2015 to scale up further.
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 more than 400 employees with offices in 19 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.