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NetSol Technologies Signs $100MM+ Contract to Implement NFS Ascent

December 22, 2015, 07:01 AM
Filed Under: Industry News

NetSol Technologies announced the signing of a contract currently valued at more than $100 million, which includes license, maintenance, services and expected customization, with a long-standing customer to implement NFS Ascent.

The agreement calls for upgrading to NetSol’s NFS Ascent platform, the company’s advanced solution for the auto and equipment finance and leasing industry, from the company’s NFSTM platform in Australia, China, Hong Kong, India, Japan, New Zealand, Singapore, South Korea, Taiwan, Thailand and Malaysia. The contract also includes implementation of NFS Ascent in South Africa, a new market for NetSol.  The implementation phase spans a five-year period, with maintenance and support over ten 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,” said Najeeb Ghauri, CEO of NetSol. “The agreement also reflects their trust in NetSol and our talented technology professionals. The significant investments we made in our infrastructure and staffing are paying off and building leverage into our business.”

The implementation encompasses the full end-to-end finance and leasing lifecycle, covering NFS Ascent’s Loan Origination System (LOS), Contract Management System (CMS), Wholesale Financing System (WFS) and its Dealer/Auditor Access System (DAAS). It also includes NFS Mobility mAccount, which gives customers visibility into their auto financing contract. Once complete, the system will provide a single regional platform that improves business visibility and assists with strategic planning.

“With the signing of this agreement, NFS Ascent has established itself as the premium auto and asset finance platform in the market,” said Naeem Ghauri, head of global sales for NetSol. “This is a watershed event for NetSol given the expected value of the contract and geographical footprint of the implementation in 12 markets. In addition, we believe NFS Ascent is well-positioned to leverage this success to sign additional multi-market deals in the future.”

The name of NetSol’s client is not being released per client request.

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