NetSol Technologies, a global business services and enterprise application solutions provider hailing from Pakistan, today announced the signing of a contract currently valued at more than $100 million, which includes license, maintenance, services and expected customization, with a long-standing customer to implement NFS Ascent.
The agreement calls for upgrading to NetSol’s NFS Ascent platform, the company’s advanced solution for the auto and equipment finance and leasing industry, from the company’s NFS platform in Australia, China, Hong Kong, India, Japan, New Zealand, Singapore, South Korea, Taiwan, Thailand and Malaysia.
The contract also includes implementation of NFS Ascent in South Africa, a new market for NetSol. Â The implementation phase spans a five-year period, with maintenance and support over ten years.
Salim Ghauri, CEO, NetSol Technologies, said:
This monumental deal will usher NetSol into a new phase and further cement our position as leaders in the domain of finance and leasing. This deal is a testament to our continued commitment to innovation, excellence and promoting a culture within NetSol of constantly striving to do business in new and revolutionary ways. The reception of our latest and cutting edge product by giants of the asset finance and leasing shows that we are producing the best new products and services in the industry.
The implementation encompasses the full end-to-end finance and leasing lifecycle, covering NFS Ascent’s Loan Origination System (LOS), Contract Management System (CMS), Wholesale Financing System (WFS) and its Dealer/Auditor Access System (DAAS).
It also includes NFS Mobility mAccount, which gives customers visibility into their auto financing contract. Once complete, the system will provide a single regional platform that improves business visibility and assists with strategic planning.
Naeem Ghauri, head of global sales for NetSol, said:
With the signing of this agreement, NFS Ascent has established itself as the premium auto and asset finance platform in the market. This is a watershed event for NetSol given the expected value of the contract and geographical footprint of the implementation in 12 markets.
In addition, we believe NFS Ascent is well-positioned to leverage this success to sign additional multi-market deals in the future.
The contract is yet another feather in the cap for Netsol, which has solidified its status as one of the leading companies from Pakistan.
Here are some of the highlights of 2015 for Netsol.
- Listed in ‘Forbes Top 500 Software Companies to Work For in 2015’
- Ventured into e-commerce space in Pakistan with Turbooz.com
- Launches its own startup incubator called NSPIRE
- Partnered with Tesla for leasing electric cars in Germany
- Recovered from losses and posted a profit of Rs 4.72 million in the closing financial year of 2014-15
Congrats to Netsol! This is definitely a landmark achievement by Netsol considering that it is the highest valued contract in the history of Pakistan’s IT industry. It is only product companies which can get such high value contracts because products are more scalable than services because services have to be redone every time whereas product has to be developed once to sell multiple copies. IT industry should focus more on products and less on services to achieve real growth in the future.