NetSol Technologies, Inc. is a worldwide provider of global business services and enterprise application solutions. The company has a global footprint with operations in many diverse locations including San Francisco, Beijing, London and Bangkok. NetSol’s corporate philosophy is exemplified by their core BestShoring practices, which are designed to eliminate the normal risks associated with outsourcing.
A couple of weeks ago, NetSol raised its financial guidance for their 2010 fiscal year as a result of growing demand for its core NetSol Financial Suite software business. The company expects to generate revenues of $33-$35 million for the full fiscal year 2010. This corresponds to a 25-32 percent year-over-year growth compared to the 2009 fiscal year.
Another reason behind the robust year-over-year revenue growth is the renewed strength in NetSol’s licensing sales, which are projected to grow by over 100 percent year-over-year. This reflects the ramping of new purchasing decisions among existing and new potential customers, primarily coming from the Asia Pacific region and especially China.
An example of the new opportunities for Netsol in China was the recent awarding of a $2 million software and IT services contract with a new joint venture auto finance company based in China. The company also recently announced agreements in the Asia Pacific/China auto market with major companies such as BMW and Toyota. China is, of course, now the world’s largest vehicle market surpassing the United States this year, so the potential for expansion in this area is enormous.
The company is aggressively expanding in China and Asia in order to capitalize on the rapid growth in the Asian economies. Another example of their strong push into Asia was Netsol’s winning a contract in the area of information security with a leading mobile telecom company in Pakistan. The company’s strong push into rapidly growing regions of the globe should ensure continued growth in Netsol’s revenues and bottom line for the foreseeable future.
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