CALABASAS, Calif., June 20, 2013 (GLOBE NEWSWIRE) -- NetSol Technologies, Inc. (Nasdaq:NTWK), a worldwide provider of global IT and enterprise application solutions, today announced that it has signed a new agreement valued at more than $10 million to implement the complete front and back office modules of the NetSol Financial Suite TM Platform for a major global auto captive finance Company. The customer's name was not disclosed because of non-disclosure agreements in place.
NetSol said the implementation has already begun and shall consist of several delivery phases beginning later this calendar year. The contract includes product licenses, business processes consultancy and site implementation services. Additional revenue streams include maintenance, support and product enhancements.
Recently, NetSol has actively engaged with the client in a business process mapping and re-engineering program, which has yielded significant alignment and efficiencies. The new agreement is an outcome of this process and is expected to yield a state of the art technology platform and also introduce a number of best practices within the organization. The agreement is one of the most comprehensive NetSol has signed to date and is in keeping with NetSol's growth strategy and market leading position of a product offering that aligns business and IT process change."Our agreement represents a major business transformation program that will touch almost every part of our client company, and shall bring change, visibility and tangible, measurable business results," said Naeem Ghauri, President and Head of Global Sales of NetSol. "This is a game changing agreement and will most likely grow in value and volume, as we anticipate it will be followed by a decade-long program of committed support and enhancements." "We look forward to building a long term relationship with our new client to support their growth within the original country of implementation and potentially in various new markets," added Najeeb Ghauri, CEO of NetSol. "We are excited to begin this new relationship and thank them for their trust in our technology and company."