Conduent Transportation LLC has selected Q-Free's Intrada® Insight video toll
license plate image processing system to provide member agencies of the New York
E-ZPassT group with Q-Free's automated image review (AIR) and manual image
review (MIR) application software. The base contract is for six years with
extension options. The contract has a minimum value of 26 MNOK and a maximum
value of 48 MNOK if options are exercised by Conduent. The Insight system is
required to process up to 200 million video-based license plate transactions per
year with 99.95% accuracy and read automation rate. The revenue for this
contract will mostly be recognized as recurring revenue starting early 2024.
-This contract represents another key win for us in the growing tolling market
in the USA. It demonstrates Q-Free's global leadership in ALPR and image review
technology, and also builds our recurring revenue base, 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 07 June 2023 at 08:50 CET.
For further information, please contact:
Thale Kuvås Solberg, President & CEO, +47 936 800 30
Trond Christensen CFO, +47 481 02 754
About Q-Free:
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