NETSOL Technologies Signs $30 Million Contract

Netsol Technologies (NASDAQ:NTWK), a global business services and enterprise application solutions provider has secured a new five year contract valued at approximately US$30 million.

The company said that the new agreement is with a customer who has a presence in China as well as Asia Pacific region.

As quoted in the press release:

NETSOL was chosen from a list of four potential vendors, all of which operate in the global auto and asset finance space. NETSOL, and its Ascent platform, was selected for its unmatched reputation in successfully executing projects of similar size and scope. The new customer also evaluated candidates based on the following criteria: technology stack, functional coverage, automation tools, digitization and platform strength. After an extensive due diligence process, NETSOL’s Ascent was determined to be the most effective solution in terms of addressing the multi-layered regulatory, compliance and complex business processes in China.

“After a rigorous, two-year evaluation process, which included a comprehensive review of numerous key performance indicators, Ascent was deemed the best solution,” said Naeem Ghauri, President and Global Head of Sales at NETSOL. “In addition to Ascent’s superior performance and viability, our presence in China with 23 existing customers was another key consideration for this new customer. To us, this indicates that each implementation of Ascent bolsters the market’s confidence in our product, thereby increasing the opportunities for more new business and potentially reducing the sales cycle in the long-run. We look forward to implementing the Ascent retail and wholesale platforms for our new customer in China.”

NETSOL Co-Founder and CEO Najeeb Ghauri added: “This is a monumental and foundational win for us as it validates the work we’ve done to make Ascent the platform solution of the future. Additionally, this agreement is consistent in size and value with the major Ascent implementation we previously announced in China, further proving that these extended sales cycles, which require more complexity as well as functionality, will ultimately lead to greater contract sizes over longer periods of time. Furthermore, this contract gives us even more optimism for fiscal 2019, as it solidifies our position as a leader in the space and will propel us to an even stronger position as we continue to execute on our strategy to drive long-term shareholder value.”

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