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.
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.