Netsol Technologies' LeasePak 6.0 Enterprise Edition Selected by Terex Corporation
Leading North American Manufacturer Selects NetSol Lease Accounting and Portfolio Management System for Managing Worldwide Capital Equipment Portfolio
CALABASAS, CA -- (MARKETWIRE) -- 06/21/07 -- NetSol Technologies, Inc. ("NetSol") (NASDAQ: NTWK), a multinational provider of enterprise software and IT services to the financial services industry, today announced that its North American division signed an agreement with Terex Financial Services, the financing arm of Terex Corporation (NYSE: TEX) to license NetSol McCue's LeasePak 6.0 Enterprise Edition.
Terex, headquartered in North America, is a major diversified global manufacturer and distributor of capital equipment with 2006 net sales of approximately $7.6 billion. The customer markets more than 50 diverse and well-respected brands covering a broad range of equipment for the construction, infrastructure, quarrying, recycling, mining, shipping, transportation, refining, utility, and maintenance industries.
LeasePak currently supports customers with equipment finance portfolios in 17 countries across Europe and Asia as well as 9 currencies. The customer cited LeasePak's robust ability to handle current U.S. business requirements and the scalability in managing a diverse global equipment finance portfolio as the primary reasons for selecting LeasePak 6.0 Enterprise Edition.
Jeff Rentsch, Director of Technology for Terex Financial Services, commented, "Our goal is to efficiently conduct a high volume of business while allowing for a customer experience that is both personal and differentiated. Our strategy is to surround the best people with great technology, enabling them to serve our customers in a uniquely responsive manner. We were attracted to LeasePak's proven track record and flexible architecture, allowing us to deliver a broad range of targeted acquisition solutions."
LeasePak is an end-to-end, asset finance accounting and portfolio management system that offers lessors the flexibility they need to streamline their operations across the full asset finance lifecycle. The product accurately tracks leases, loans and equipment from origination through end-of-term and disposition. LeasePak is used by banks, leasing companies and manufacturers. The latest version, LeasePak 6.0 Enterprise Edition, offers significantly improved usability and modernization of the user interface as well as state-of-the-art tools to streamline contract originations and collections.
"We are extremely pleased that Terex Financial Services has selected LeasePak 6.0 for its equipment finance solutions needs," said Najeeb Ghauri, chairman and CEO. "We welcome Terex Financial Services into the NetSol user family."
Mr. Ghauri concluded, "NetSol McCue will be working very closely with our new customer to deliver an on-time, on-budget implementation. NetSol's CMMi Level 5 certified development team will be ready to help with any additional integration support or customized tool development that may be needed along the way."
About Terex Corporation
Terex Corporation is a diversified global manufacturer with 2006 net sales of approximately $7.6 billion. Terex operates in five business segments: Aerial Work Platforms, Construction, Cranes, Materials Processing & Mining, and Roadbuilding, Utility Products and Other. Terex manufactures a broad range of equipment for use in various industries, including the construction, infrastructure, quarrying, surface mining, shipping, transportation, refining, and utility industries. Terex offers a complete line of financial products and services to assist in the acquisition of Terex equipment through Terex Financial Services. More information on Terex can be found at www.terex.com.
About NetSol Technologies
NetSol Technologies is a multinational provider of enterprise software and IT services to the financial services industry. NetSol helps clients to identify, evaluate and implement technology solutions to meet their strategic business challenges and maximize their bottom line. By utilizing its worldwide resources, NetSol delivers high-quality, cost-effective equipment and vehicle finance portfolio management solutions. The Company also delivers managed IT services ranging from consulting and application development to systems integration and development outsourcing. NetSol's commitment to quality is demonstrated by its achievement of both ISO 9001 and SEI (Software Engineering Institute) CMMi (Capability Maturity Model) Level 5 assessment, a distinction shared by only 94 companies worldwide. The Company's clients include global automakers, financial institutions, technology companies and governmental agencies. NetSol's largest customer, DaimlerChrysler Services, ranks the Company as a preferred vendor in more than 40 countries. Headquartered in Calabasas, CA, NetSol Technologies also has operations and/or offices in London, San Francisco, Adelaide, Beijing, Lahore and Karachi, Pakistan. To learn more about NetSol Technologies, visit the Company's web site at www.netsoltek.com. Click here to join the NetSol Technologies, Inc. email distribution list: http://www.b2i.us/irpass.asp?BzID=897&to=ea&s=0.
FORWARD-LOOKING STATEMENTS
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 "believe," "expect," "anticipate," "intend," variations of such words, and similar expressions, identify forward looking statements, 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.
Contacts: NetSol Technologies, Inc. Tina Gilger Chief Financial Officer Tel: +1 818-222-9195, x112 Investor Relations Christopher Chu The Global Consulting Group Tel: +1-646-284-9426 Email: cchu@hfgcg.com
Released June 21, 2007