Q-Free ASA signs firm NOK61m contract in Bangkok

President and CEO of Q-free Øyvind Isaksen. Photo: Q-free

Norwegian road toll systems developer Q-Free ASA (OSE:QFR) announced on Tuesday (10 Feb) that it has received a firm road tolling system contract from Bangkok Expressway Company Limited (BECL).

The NOK61m contract is based on a letter of intent announced initially in January. It covers modernisation of an existing road tolling system.

Q-Free is a leading global supplier of solutions and products for Road User Charging and Traffic Surveillance having applications mainly within electronic toll collection for road financing, congestion charging, truck-tolling, law enforcement and parking/access control. Q-Free offers solutions and products based on state of the art technology, and is the leading supplier within DSRC (tag) – and OCR (image processing) based solutions, with deliveries in Europe, Asia-Pacific, Middle East and North- and South America.

Q-Free’s headquarter is in Trondheim, Norway’s Silicon Valley and home to the country’s major technical University, Scandinavia’s largest scientific research corporation Sintef and a myriad of small and growing technology start-ups and companies. The company’s Oslo office serves the company’s many customers in the South of the country.

The company has 240 employees and reported revenue of NOK411m in 2007. Source: Q-free.com.