Over the last few years, Q-Free has acquired eight companies in order to broaden its technology and customer base. To maximise the potential of these assets the company plans further streamlining and reduction of fixed costs and investment, including organisational changes, reduction in the management team and organisation, and optimisation of investments in sales and technology development.
When fully implemented, Q-Free believes the strategy, along with other cost initiatives already carried out, will deliver a reduction in annual costs of more than US$8 million and significantly improve the company’s profitability and financial robustness.
“These initiatives will further strengthen our ability to become an ITS company with competitive solutions addressing the global ITS market,” says Q-Free acting CEO Roar Østbø. “Moving forward, management will focus on developing a sound commercial and operational platform to support further growth. Furthermore, Q-Free will bring to market joint offerings, leveraging technologies from various parts of the Q-Free technology portfolio. These will primarily be in the areas of tolling, parking management and traffic management. Q-Free aims to continue the transformation and build a profitable growth company serving the global ITS market.”
