CALABASAS, Calif., May 30, 2013 (GLOBE NEWSWIRE) -- NetSol Technologies, Inc. (Nasdaq:NTWK), a worldwide provider of global IT and enterprise application solutions, today announced that it has signed a global agreement with one of Australia's largest non-bank lenders with approximately A$5 billion of loan and lease assets under management.
Under the agreement, NetSol will implement the complete front office Credit Application Processing System and back-office Contract Management System of its NFS™ platform beginning with Australia, with five additional implementations in various countries planned over the next three years. Valued at more than $5 million, the contract includes product licenses, business processes consulting fees, product enhancements, on-site implementation services and maintenance services.
"Today's announcement defines a new relationship that further validates our expansion strategy across APAC and within Australia specifically," said Naeem Ghauri, President and Head of Global Sales of NetSol. "We look forward to working with our new global client to deliver a tailored customer solution, a philosophy we continue to build upon as we grow market share in Australia and the Asia Pacific region."
NetSol recently opened a new office in Sydney, Australia, part of an initiative to capture a growing market opportunity in the broad equipment finance sector and enhance service capability in the region.
About NetSol Technologies
NetSol Technologies, Inc. (www.netsoltech.com) is a worldwide provider of global IT and enterprise application solutions that include credit and finance portfolio management systems, SAP consulting and services, custom development, systems integration, and technical services for the global Financial, Leasing, Insurance, Energy, and Technology markets. Headquartered in Calabasas, Calif., NetSol's product and services offerings have achieved ISO 9001, ISO 20000, ISO 27001, and SEI (Software Engineering Institute) CMMI (Capability Maturity Model) Maturity Level 5 assessments, a distinction shared by only 178 companies worldwide. The company's clients include Fortune 500 manufacturers, global automakers, financial institutions, utilities, technology providers, and government agencies. NetSol has delivery and support locations in San Francisco, London, Beijing, Bangkok, Lahore, Sydney and Riyadh.
This press release may contain forward-looking statements relating to the development of the Company's products and services and future operation results, including statements regarding the Company that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words "expects," "anticipates," variations of such words, and similar expressions, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Factors that could affect the Company's actual results include the progress and costs of the development of products and services and the timing of the market acceptance. The subject Companies expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.
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Source:NetSol Technologies, Inc.