9/27/2023 0 Comments Open roads![]() Q-Free acquired the US based parking guidance company TCS International in 2012, and followed-up with the acquisition of the Serbian traffic management company ELCOM and a strategic 10 percent investment in Intelight in the US in 2013. Q-Free’s ATMS business has been strengthened substantially over the last couple of years. We are very excited about the future opportunities and we are looking forward to be working with Q-Free,” says Founder and President Barbara Skiffington. Teaming up with Q-Free will strengthen our current position, in addition to provide a global reach for our products. ![]() “Open Roads Consulting is a company with a strong market position in the US. Primary product offering is VICADS, a proprietary video management system designed specifically to exceed DoD performance requirements and is approved by the US Air Force for all priority levels of protection. ![]() Provides critical asset protection solutions for the US military worldwide.Integrated Security Systems Division (ISSD): Primary product offering is Open TMS, an extensible ATMS solution built around an open, modular architecture designed to support the dynamic traffic management marketplace.Supports public sector clients through the design, deployment and maintenance of real-time systems that enhance mobility and enable the public to make smarter travel choices.Intelligent Transportation Systems Division (ITSD): The company has two highly complementary business areas the Intelligent Transportation Systems Division (ITSD) and the Integrated Security Systems Division (ISSD). ![]() Open Roads Consulting is a leading provider of off-the-shelf solutions, technology integration and full lifecycle support to help clients operate, manage, and protect critical assets. This addition to our portfolio will increase revenue synergies for the existing Q-Free activities in the US, and is an important step for Q-Free to become a fully-fledged ITS supplier,” says CEO Thomas Falck. The acquisition of Open Roads Consulting will provide an organisational platform for further penetration into the US market in all of our three business areas ATMS, RUC/Tolling and Managed Services. “ The world’s biggest market for Road User Charging and Traffic Management is in the US. Open Roads Consulting’s software solutions will be a valuable addition to Q-Free’s offering of ATMS solutions both in the US and internationally. The current acquisition is a strategic good match with other ATMS and RUC activities within the group, and Q-Free’s number of employees in the US increases to approximately 100. Over time the company will become a global fully-fledged ITS player with significant presence in the US. The acquisition of Open Roads Consulting represents a milestone for Q-Free. Including earn-out payments, the total consideration is capped at USD 12.5 million. Further consideration is dependent on financial performance in part of 2014, 2015 and part of 2016, and is estimated to USD 2.5 million. Q-Free will pay an initial cash consideration of approximately USD 6.2 million, equal to 7 times the 2013 EBITDA. The SPA is based on cash and debt free conditions, and no shares will be issued as part of the consideration. The company generated revenues of USD 12.8 million, EBITDA of USD 0.9 million and EBIT of USD 0.6 million in 2013, and will be consolidated into the accounts of Q-Free with effect from closing, expected to be during the third quarter 2014. The company has 74 employees and operates mission critical traffic deployments and video based surveillance of critical assets in 30 states in the US. Open Roads Consulting is a privately owned company established in 2000 in Virginia, USA.
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