ENCINO, Calif. - NETSOL Technologies, Inc. (NASDAQ:NTWK), a global business services and enterprise application solutions provider, announced today a significant contract win with a major global automotive company for its operations in China. The five-year agreement, valued at $12 million, involves the deployment of NETSOL’s flagship technology platform, NFS Ascent, in the Chinese market.
The contract, which commenced implementation in the second quarter of fiscal 2024, has already seen a portion of its value recognized in licensing fees within that same quarter. NETSOL's CEO, Najeeb Ghauri, expressed confidence in the company's product, stating that the agreement serves as a testament to the superior performance and reliability of NFS Ascent, which is designed to support large-scale clients internationally.
NETSOL Technologies has a longstanding presence in the IT and enterprise software solutions space, specializing in the global leasing and finance industry. With a history spanning four decades, the company's suite of applications aims to revolutionize finance and leasing operations, offering a fully automated asset-based finance solution that encompasses the entire leasing and finance lifecycle.
This new contract highlights NETSOL's continued expansion and its ability to secure deals with leading players in key markets. The company's strategic positioning, with support and delivery centers located around the world, allows it to effectively cater to the needs of its global clientele.
While the press release contains forward-looking statements regarding the company's product development and future operational results, these are subject to standard risks and uncertainties that could cause actual outcomes to differ materially from projections. Such forward-looking statements are not guarantees of future performance and depend on various factors, including the progress of product development and market acceptance.
This article is based on a press release statement from NETSOL Technologies, Inc. and does not contain any promotional content or endorsements. It aims to present the facts surrounding the company's recent contract win in China, providing a clear and unbiased report on the event.
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