Q-Free sells parking division to concentrate on core business lines
The divestiture allows Q-Free to focus on traffic management and tolling while maintaining a collaborative partnership with the new owner.
SAN DIEGO, CA – Q-Free (OSE: QFR), a global leader in mobility solutions for smart city infrastructure, today announced the sale of its parking division to the unit’s executive vice president, Dave Radford.
Morten Andersson, Q-Free’s senior executive vice president of traffic management, says the sale will benefit all stakeholders. “At the company’s heart, Q-Free is an ATMS and tolling innovator and solution provider, and while we are extremely proud of the parking team’s accomplishments, this agreement will allow both entities to thrive,” he said. “We are thrilled that Dave is the new owner. He’s a terrific leader and we’ve already discussed how we can collaborate for the benefit of both companies, and most importantly, our customers.”
The new company will be branded TCS International Inc. and Radford promises it will continue to build on successes, innovation and customer service established under Q-Free. “We are excited to grow our company with a single-minded focus that amplifies our place in the parking market,” he said. “Reliable parking availability, directions and booking has become an expectation as drivers become more sophisticated. We see that trajectory continuing and TCS International will be there with the right solution whenever there’s a need.”
The sale was finalized March 31, 2021 when Radford and the TCS International team assumed all operations. Existing Q-Free Parking team members will transition to the new company which will be headquartered in Massachusetts, USA.
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 1 billion NOK (100 million USD) and employs about 360 transportation innovators, experts and enthusiasts. To learn more about how Q-Free is changing the movements of life, visit www.q-free.com