Home International News NETSOL signs $12 million agreement for operations in China

NETSOL signs $12 million agreement for operations in China

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ISLAMABAD, Mar. 20 (INP): NETSOL Technologies, a global business services and enterprise application solutions provider with its subsidiary NETSOL Pakistan has signed an agreement with a major global automotive company for its operations in China.

According to the company’s official notification, the $12 million, five-year contract is for the deployment of NETSOL’s premier technology platform NFS Ascent.

Described as “an adaptive platform for the evolving global asset finance and leasing industry”, NFS Ascent was designed to ease the running of retail and wholesale finance businesses for auto, equipment, and big-ticket finance companies.

Najeeb Ghauri, Chief Executive Officer NETSOL commented, “This selection is a validation of the superior performance and reliability of our products, specifically NFS Ascent, a cutting-edge solution capable of supporting large clients on a global scale.”

“We’re energized by this contract with a leading automotive company in one of their key markets and looking forward to providing support across their China-based operations,” he said.

The company commenced implementation in the second quarter of the fiscal year 2024 and realized a portion of this contract in licensing fees during that quarter. Having worked with NETSOL for a long time, the customer predominantly offers automotive installment loans, credit loans, interest subsidies, and other services to the Chinese market.

It provides a range of IT and enterprise software solutions to the global finance and leasing industry and employs more than 1,300 people most of which are from Pakistan, to support the company’s suite of applications, operating through a series of eight support and delivery centers across the globe.

The company is listed on Nasdaq Stock Market New York and its subsidiary NetSol Pakistan is listed on the Pakistan Stock Exchange,   according to a report published by Gwadar Pro on Wednesday.


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