Q-Free ASA — M&A Activity 2014

Sep 23, 2014

Q-Free closes the acquisition of Open Roads Consulting

Q-Free closes the acquisition of Open Roads Consulting

Trondheim/Oslo, 23 September 2014: As previously announced, Q-Free

signed 17 July a Share Purchase Agreement (SPA) for the acquisition of

Open Roads Consulting Inc. in the US. The acquisition was approved and

closed 22 September according to the SPA.  Open Roads will be

consolidated into the accounts of Q-Free as of the end of the third

quarter 2014.

Open Roads Consulting is a privately owned company established in 2000

in Virginia, USA. The company has 74 employees and operates mission

critical traffic deployments and video based surveillance of critical

assets in 30 states in the US.

-We are happy to close the Open Roads transaction, and are eager to move

ahead. The acquisition of Open Roads Consulting represents a milestone

for Q-Free. Over time the company will become a global fully-fledged ITS

player with significant presence in the US. 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 and we intend to build from here. 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, says CEO

Thomas Falck.

Q-Free's ATMS business has been strengthened substantially over the last

couple of years. 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. The acquisition of Open Roads

Consulting is the third acquisition in 2014, following the inclusion of

TDC Systems in the UK and Traffic Design in Slovenia into the Q-Free

Group earlier this year.

For further information, please contact:

CEO Thomas Falck, cell: +47 468 00 767

CFO Roar Østbø, cell: +47 932 45 175

About Q-Free:

Q-Free is a leading global supplier of products and solutions within

Road User Charging and Advanced Transportation Management Systems. The Q

-Free Group has approximately 440 employees with offices in 17 countries

and presence on all continents. The Q-Free head office is in Trondheim,

Norway. Q-Free is listed on Oslo Stock Exchange under the ticker QFR.

www.q-free.com

Twitter: @Q-FreeASA