HiQ Signs New Framework Agreement with Volvo Cars

STOCKHOLM, Sweden--Regulatory News: HiQ (STO:HIQ) has signed a new framework agreement with the global vehicle manufacturer Volvo Cars. The agreement covers services across product development and is effective until the end of 2010.

“The past year has been a very turbulent one in the automotive industry, which has had an impact on us and on our clients in the automotive sector. HiQ has a strong brand and many years’ experience of working on software development and verification in new vehicle models. The fact that we have now been selected as one of the suppliers that Volvo Cars has chosen to continue working with is naturally a great success and important proof that we are delivering high quality services to our client,” says Patrik Sahlsten, Automotive Business Area Manager at HiQ Göteborg.

In recent years HiQ has implemented a major initiative focusing on the automotive industry – an initiative that has been successful and which has meant that HiQ is winning market share in the sector. HiQ has steadily increased its presence and Patrik Sahlsten expects to be able to increase recruitment in order to meet demand when the economy picks up again. HiQ has a strong offering in areas such as active safety systems, infotainment and hybrid technology.

“We continue to see great potential within our specialist areas, and much of the software being built into new vehicle models is associated with these areas. Our strong position in telecoms makes us of particular interest as a partner to work with. This renewed confidence from Volvo Cars, combined with a brighter view of the future in general, means that HiQ is now daring to recruit additional skilled developers and testers,” says Sahlsten.

“Today HiQ has a strong position in the automotive industry and has worked on various assignments for automotive clients for more than ten years. In addition to the global trend towards environmental awareness and more fuel-efficient vehicles, there is increasing integration between the vehicles and their surroundings. For example, until now, the software in the vehicle has relied on its own sensors to control the safety systems, but new mobile technology is enabling this technology to be developed further – a very exciting trend,” says Jerker Lindstén, Managing Director of HiQ Göteborg.

“The renewed confidence that Volvo Cars is placing in us will open up new opportunities for HiQ in the automotive industry. We are now looking forward to our continued good cooperation with this important client,” concludes Jerker Lindstén.

HiQ is an IT and management consultancy company focusing on high-tech solutions in the fields of communications, software development and simulation technology. The company is a leading player in these fields and the Nordic region is its domestic market. HiQ employs more than 1,000 people at offices in the Nordic region and Eastern Europe. HiQ is listed on the Nasdaq OMX Nordic Exchange Stockholm Mid Cap. For more information, please visit www.hiq.se