NetSol Technologies Inc. announced Wednesday an agreement to implement its software at two new companies in Taiwan, further expanding its footprint in the growing Asian auto finance market.
Taiwan Acceptance Corp. Finance Leasing Co. Ltd. and Yulon Auto Finance Co. have selected to implement the company’s NetSol Financial Suite software, an auto finance and leasing program.
The Calabasas software company estimates the combined deals will value $3 million. The company said program installation should be complete within the next six months.
“These new contracts further our market leadership position in the asset finance and leasing sector in China, and represent the trust in our people, process and systems to manage vital business functions,” said Najeeb Ghauri, chief executive of NetSol, in a statement. “With new companies entering the market and the encouragement of financing and leasing by the Chinese government, we remain highly confident about our prospects moving forward."
Shares closed down 11 cents or 2 percent to $5.04 on the Nasdaq.