Q-Free: Traffic Management recurring revenue contract extension in the USA – 62 MNOK
Q-Free has received a 2-year renewal of one of its key statewide ATMS contracts in the USA. The contract extension ensures continued delivery of Q-Free’s Open TMS solution from 1 October 2022 until 30 September 2024 and will be recognized as recurring revenue totaling approximately 62 MNOK over the contract period.
– We are very pleased to see that Q-Free has received a satisfactory performance evaluation and that the customer again has decided to renew the contract. The extension gives us a secure monthly cash flow for two additional years and provides us with an opportunity to sell additional OpenTMS features and services on top, comments Interim CEO, Trond Christensen.
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 13 September 2022 at 08:30 CET.
For further information, please contact:
Interim CEO, Trond Christensen: +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