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Saturday, Feb 24, 2024

$100 Million Deals Sends NetSol Soaring

NetSol Technologies Inc. has secured a contract valued at more than $100 million, including license, maintenance and services for its software platform NFS Ascent, the company announced Monday. The Calabasas company, which makes software used by auto dealers and lenders for vehicle leasing transactions, did not disclose the name of the client, per the client’s request. The agreement calls for installing the NFS Ascent system for the client’s operations in Australia, China, Hong Kong, India, Japan, New Zealand, Singapore, South Korea, Taiwan, Thailand and Malaysia. The contract also includes implementation in South Africa, a new market for NetSol. The implementation phase spans five years, with maintenance and support extending for more than 10 years. “This is a transformative agreement for NetSol, representing the largest contract in the company’s history, and a strong endorsement for NFS Ascent from a nearly two-decade-long partnership with our client,” Najeeb Ghauri, chief executive at NetSol, said in a statement. Shares closed up $1.96, or nearly 31 percent to $8.36 on the Nasdaq.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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