$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.