NetSol Technologies Inc. announced earlier this week it has signed a collaboration agreement with 3-D mapping company eeGeo.
The Calabasas software company, which typically provides financing software to auto leasing and finance companies, will provide technology services to eeGeo totaling $2.8 million. United Kingdom-based eeGeo was founded in 2010 and combines gaming software, mobile technology and big data to create 3-D experiences that allow clients to visualize complex data including search results, business information and marketing content.
The two companies will work together to grow eeGeo’s business by launching new applications that visualize data, increase engagement with customers and differentiate brands, the company said in a statement.
In addition, NetSol and eeGeo have entered a stock purchase agreement in which NetSol has invested $556,000 in eeGeo, and will invest an additional $556,000 this August, giving it 15 percent ownership of the software company.
“At NetSol we have an immense pool of talented software engineers working on developing cutting-edge solutions for our industry vertical,” Najeeb Ghauri, chief executive of NetSol said in a statement. “This partnership was born out of a shared confidence that this same talent pool could accelerate eeGeo’s product vision. We look forward to working with eeGeo as they continue to grow their business.”
NetSol shares closed down 14 percent or less than 1 cent to $6.99 on the Nasdaq.