NETSOL Completes Acquisition of Virtual Lease Services

NETSOL (NASDAQ:NTWK), fintech company primarily focused on the leasing and finance industry announced that it has completed an additional 49 percent stake in UK-based Virtual Lease Services. It had acquired its original 51 percent stake in 2011 with investment banking company, Investec.

As quoted in the press release:

Since the company’s founding in 1999, VLS has operated a back-office solution to provide its customers with a variety of flexible and cost-effective portfolio and risk management services. These services include: complex, middle and large ticket leases, consumer loans, SME installment credit (including rental, lease, and service), as well as cash management. VLS manages over £1.5B of audited and standby assets, has facilitated more than 500,000 contracts and currently collects around £20M each month, with close to £500M receivables under management. In its 20-year history, VLS has earned the trust of banks, independent lenders, investment funds and securitization partners.

“VLS is a highly complementary business to NETSOL’s core competencies and has substantially improved its financial profile over the past several years since our initial strategic investment,” said NETSOL Co-Founder, Chairman and Chief Executive Officer Najeeb Ghauri. “Being a long-time user of our LeaseSoft product, VLS is well-versed in NETSOL’s technology solutions, making this next step a seamless transition and a perfect complement to our overall European growth plan. Beyond the immediate monetary benefits we expect to receive from this accretive acquisition, VLS also provides us with a new opportunity to begin convert existing customers and marketing to new customers for our Next-Gen NFS Ascent. This partnership has already proven to be mutually beneficial over the past several years, and we look forward to maximizing additional growth opportunities, thereby expanding our footprint in the UK and European markets.”

Click here to read the full press release.