Hungarian IT company FreeSoft is participating as subcontractor in building the traffic control IT system for state-owned railway company MÁV, which on Friday announced the German Funkwerk IT GmbH as winner of its HUF 933 million (€3.47 million) public-procurement procedure for the project.
FreeSoft projects to take a share of 20% in the undertaking. One-third of this will be realized in the 2010 financial year, FreeSoft said on the BSE website on Monday.
The project, expected to take 18 months, will involve building an IT system supporting traffic control, which will be suitable for serving a multi-operator railway transport market, in line with EU requirements. Following the successful closure of the project, the contractor will provide follow-up and product support for a further 12 months.
The FreeSoft group recorded sales revenue of HUF 7.9 billion in 2009, down 6.6% from one year earlier. The company had after-tax losses of HUF 139 million compared to losses of HUF 319 million in the previous year. (MTI-ECONEWS)