Norway’s Q-Free Acquires TCS International
Q-Free ASA has purchased 100% of the shares of TCS International. The acquisition brings together two companies with different strengths and similar goals.
Norway-based Q- Free supplies solutions and products for road-user charging (RUC) and advanced transportation manage
Øyvind Isaksen, its CEO, said that bringing TCS into its business plan will help the company build its ATM systems market in the U.S.. It also will help the company prepare for changes in the market as technology and infrastructure merge, he said.
“TCS is a market leader within parking guidance systems in the USA and Canada, and as such, will form a strong basis for further growth within the parking technology market, both inside and outside North America,” Isaksen said. “[ATM and RUC] will, over time, converge, both from a market and technology platform perspective, and as such, it is important for us to build capabilities in both these areas.”
Greg Parzych, current TCS President and CEO, will continue as President after the acquisition. His company has many parking guidance installations in the North American market, including municipalities, hotels, casinos, retail centers, office blocks, universities and hospitals.
“We are the leader in parking guidance systems by a long stretch,” Parzych said. “We have 150 systems installed around the world.
“This is an expansion program that we are involved in, with respect to the acquisition, so we can take our product and offer it globally,” Parzych said. “We’re growing, and we’ve got some leading-edge technology to bring to the international stage.”
[Sources: Q-Free ASA, TCS International]
Article Abstract from February, 2013