Q-Free has sold its parking division to the unit's executive vice president Dave Radford where it will be branded TCS International.
Morten Andersson, Q-Free’s senior executive vice president of traffic management, says: “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.”
“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,” he adds.
Radford says: “We are excited to grow our company with a single-minded focus that amplifies our place in the parking market. “
"Reliable parking availability, directions and booking has become an expectation as drivers become more sophisticated,” he continues.
“We see that trajectory continuing and TCS International will be there with the right solution whenever there’s a need.”
Existing Q-Free Parking team members will transition to the new company, which will be headquartered in Massachusetts.
- In a separate development, Q-Free in Norway says that it has declined an acquisition offer made by an unnamed "US-based company". In a statement it said: "The board sees no reason to pursue this non-binding proposal further at this stage as a transaction cannot be implemented on the proposed terms."
