Pakistan Netsol Technologies will collaborate with its sister concern in China on the multi-million dollar project.
According to the stock filing, NetSol’s sister concern in China has signed an agreement with a global automotive financial services company to upgrade from the company’s legacy NFS system to its premier, next-generation Ascent® platform.
This multi-million-dollar agreement includes licensing, implementation, and support services, including comprehensive data migration from the old system to the new platform.
The longtime company customer provides automotive installment loans, credit loans, interest subsidies, and other services and mainly conducts business domestically in China.
NETSOL’s NFS Ascent® platform was chosen for its unrivaled capabilities and proven track record for success both in Asia-Pacific and globally.
NetSol Technologies Pakistan will directly benefit from this contract through provisioning of both licenses as well as vital services to the sister concern for implementation of NFS Ascent at the client site, added the notification.
This will result in generating additional revenues for the company, which will be recognized over the life of the contract.
NetSol Technologies also bounced back with a profit of Rs. 127 million in the first quarter of the financial year 2020-21 though last year it reported a loss of Rs. 190 million in the first quarter of the financial year.
