NetSol Financial Suite Looks to Increase Market Penetration in Latin America With Leading Global Auto Manufacturer
EMERYVILLE, CA -- (MARKET WIRE) -- 02/24/09 -- NetSol Technologies, Inc. "NetSol" (NASDAQ: NTWK) (NASDAQ DUBAI: NTWK), a U.S. corporation providing global business services and enterprise application solutions to private and public sector organizations worldwide, announced that the company is working with a leading global automobile manufacturer which is expecting to implement key components of the NetSol Financial Suite (NFS) of products based on a deployment for an estimated 300 dealers in the Latin American market. NetSol has completed an initial proof of concept phase and is preparing for a second phase focused on implementation and deployment of the company's NFS solution.
Najeeb Ghauri, NetSol Technologies, Inc. Chairman and Chief Executive Officer, stated, "As we look forward to implementing our NetSol Financial Suite for a Latin American dealer network of a leading global auto manufacturer, this new opportunity reflects our ability to provide systems and services to meet the needs of large customers operating on a global framework. Today's announcement also reaffirms that fact that there is an underlying need for comprehensive and efficient asset-based solutions to allow clients to adapt to current market conditions with more cost-efficient IT infrastructure, all while supporting the deployment of new asset-based financial offerings and meeting their broader business objectives."
The proposed implementation includes NetSol's Wholesale Finance System (WFS), which is tailored and localized to meet the complete range of wholesale financing needs as well as provide a flexible environment in which to automate and manage purchasing and leasing activities. The WFS system design is based on the concept of 'one asset, one loan' to facilitate asset tracking and costing, with a flexible user-defined tax setup that can handle current and future requirements of any jurisdiction. WFS helps users stay ahead of the competition, managing communications efficiently via a wide array of interfaces, including banks, dealers, distributors, ledgers, and document handling and processing applications.
The WFS system has been designed and developed for a highly flexible environment to accommodate multi-asset, multi-currency and multi-lingual performance capabilities. With individual loan tracking, dealers can view outstanding balances and current asset-wise balances of credit limit utilization through an interface provided by a separate Web-based add-on module, NetSol's Dealer & Auditor Access System (DAS).
The NetSol Financial Suite provides a solution that integrates with existing platforms and practices, matching innovation and flexibility with security and accuracy. Built from proven LeasePak and LeaseSoft components, NFS product offerings include LeasePak components, Credit Application Processing (CAP), Contract Management System (CMS), Wholesale Finance System (WFS), Dealer and Auditor Access System (DAS), and Fleet Management System (FMS). Overall, the NFS is a complete lifecycle solution, providing support from the customer's first application to the disposition of the last asset, with NFS handling every aspect of lease, loan, and asset finance.
About NetSol Technologies, Inc.
NetSol Technologies, Inc. (NASDAQ: NTWK) (NASDAQ DUBAI: NTWK) is a worldwide provider of global business services and enterprise application solutions. Since its inception in 1995, NetSol has used its BestShoring(TM) practices and highly experienced resources in analysis, development, quality assurance, and implementation to deliver high-quality, cost-effective solutions. Specialized by industry, these product and services offerings include credit and finance portfolio management systems, hospital/healthcare information management systems (HIMS), SAP consulting and services, custom development, systems integration, and technical services for the global Financial, Healthcare, Insurance, Energy, and Technology markets. NetSol's commitment to quality is demonstrated by its achievement of the ISO 9001, ISO 27001, and SEI (Software Engineering Institute) CMMI (Capability Maturity Model) Maturity Level 5 assessments, a distinction shared by fewer than 100 companies worldwide. NetSol Technologies' clients include Fortune 500 manufacturers, global automakers, financial institutions, utilities, technology providers, and government agencies. Headquartered in Emeryville, California, NetSol Technologies has operations and offices in Adelaide, Beijing, Bangkok, Lahore, and London.
To learn more about NetSol Technologies, Inc., visit www.netsoltech.com
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Forward Looking Statements
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Released February 24, 2009