Synergon Information Systems Plc. subsidiary, Synergon System Integrator Ltd. won the tender of BKV Private Ltd. for rolling out an information and communications technology investment designed to enhance public transportation.

The representatives of BKV Private Ltd. and Synergon System Integrator Ltd. concluded an agreement designed to enhance the public transportation of the Hungarian capital in the net total value of 6,976 million HUF on 27th October, 2010.

The primary goal of the project subsidised by the European Union is to enhance and modernise the fleet and traffic management and passenger information systems. In understanding of the agreement, Synergon undertakes to configure an integrated traffic control and fleet management centre; to equip 2,295 pieces of vehicles with onboard control and passenger information systems; to install 257 passenger information devices and traffic priority solutions in 30 traffic light junctions. The agreement also covers the introduction of the web-based and the SMS passenger information services and the delivery of the accompanying background and communications system. The date of the realisation and the delivery of the project is 2012.

At the beginning of the year, Synergon announced it was going to lay special strategic emphasis on several sectors, including the transport sector, more specifically the development of public transportation. The Company has been engaged in researching the transport sector and mapping up sector-specific demands for years. For the last one-and-half years, following the selection of the appropriate solutions and suppliers, the Company has been focusing on the development of competences.

The current EU tenders are aimed primarily at the development of fleet management and passenger information systems, consequently Synergon continues to fashion and build its knowledge base in order to be able to offer the best and most efficient solutions for further subsidised developments as well, while keeping in mind other future directions of development also.

The contractor concluded agreements with Volksbank Hungary Private Ltd and Raiffesien Bank Private Ltd for extending its bank overdrafts, guarantee lines and treasury lines for the continuous financing of the information and communications technology investment and for hedging the exchange rate exposure arising from the purchase of equipment.

The agreement extends the multipurpose credit line of the Company by 1,125 million HUF, in the frame of which the bank overdraft is extended by 200 million HUF, the guarantee line by 325 million HUF and the treasury line by 600 million HUF.

The Synergon Group has a total credit line of 3,070 million HUF, of which the bank overdraft is 1,030 million HUF, the guarantee line is 1,240 million HUF and the treasury line is 800 million HUF.