CALABASAS, Calif., Dec. 09, 2020 (GLOBE NEWSWIRE) — NETSOL Technologies, Inc. (Nasdaq: NTWK), a global business services and enterprise application solutions, has signed an agreement with a global automotive financial services company in China to upgrade from the Company’s legacy NFS system to its premier, next-generation Ascent® platform. The multi-year, multi-million-dollar agreement includes licensing, support and services revenues components, which will be recognized respectively over the life of the contract.
The longtime NETSOL customer provides automotive installment loans, credit loans, interest subsidies and other services and mainly conducts business domestically in China. NETSOL’s NFS Ascent® platform was chosen for its unrivaled capabilities and proven track record for success both in Asia-Pacific (APAC) and across the globe.
“After having worked with this significant customer over the years through our legacy NFS offering, we appreciate the vote of confidence this major renewal means for the quality of service we have provided in that time,” said President of NETSOL China Hui Liang. “This upgrade to NFS Ascent is also further market validation for our next-gen solution in our largest historical market. With an over 75% share in the Chinese auto finance and leasing space, NETSOL has become the preferred industry business partner for companies in China.
“Thanks to the flexible architecture we’ve built into both our legacy and next-gen platforms, our teams will be able to migrate valuable data from the current system as well as integrate additional third-party data sources into the new platform with high fidelity and without issue. To further expedite this transition process, our deployment will be carried out in three-phases over the coming months by our teams at home in Lahore and across the APAC region.”