The Miami-Dade Expressway Authority (MDX) in Miami, Florida USA has signed a 3-year extension of Q-Free’s Intrada® Insight video toll license plate image processing system. The MDX expressway system consists of five of the most heavily traveled expressways in Miami-Dade County. Q-Free’s Insight IRS provides MDX with an integrated license plate reading system that has both an automated image review (AIR) and a manual image review (MIR) application capability. The contract has a minimum value of 20 MNOK and maximum 26 MNOK, and will continue to provide a high performance automated and manual plate reading system and includes a performance guarantee. The Insight system is required to process up to 265 million video-based license plate transactions per year with a guaranteed 99.95% accuracy and high read automation rate. The revenue for this contract will mostly be recognized as recurring revenue starting in September, 2023 through August, 2026.
– We are extremely proud and pleased to continue as the supplier of the video toll license plate image processing system to MDX. It further increases our recurring revenue base and proves the added benefits of Q-Free’s Intrada® Insight, says Thale Kuvås Solberg, President & CEO of Q-Free ASA.
The Q-Free Intrada® Insight automated license plate reading application delivers predictable 24/7-performance with high accuracy automated machine vision and integrated human review plate read resulting in low-error rate plate reading for video toll revenue collection. The system applies advanced network learning and machine image processing technologies along with innovative manual image review processes to efficiently automate plate reads – especially complex U.S. license plates – across any size toll network. The system improves revenue collection, creates operating cost efficiencies, and reduces errors – in particular with respect to toll client billing errors.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Rita Bøe Isaksen, Board Secretary in Q-Free ASA, on 7 July 2023 at 16.27 CET.
For further information, please contact:
Thale Kuvås Solberg, President & CEO, +47 936 800 30
Trond Christensen CFO, +47 481 02 754
Q-Free ASA (OSE: QFR) is a global innovator in intelligent transportation systems that improve traffic flow, road safety, and air quality. With an open, collaborative approach to tolling, traffic and active transportation management, Q-Free works with customers and partners on every continent to digitize infrastructure and overcome modern mobility challenges for the greater good of society. Headquartered in Trondheim, Norway, Q-Free has annual revenues of approximately NOK 900 million and employs approximately 350 transportation innovators, experts, and enthusiasts. To learn more about how Q-Free is “changing the movements of life”, visit www.q-free.com or Twitter:@Q-FreeASA