NetSol Technologies Signs $16M Contract to Implement NFS Ascent

NetSol Technologies, Inc.

, a global business services and enterprise application solutions provider, today announced it has signed an agreement valued at more than $16 million to implement NFS Ascent™, the company's next-generation software platform. The implementation, with a major multi-finance group in Asia, will fully automate all finance front and back office operations, while managing a portfolio of nearly two million contracts, serving more than 5,000 concurrent users. The name of the client was withheld per a non-disclosure agreement. "This is a major win for NFS Ascent and we are extremely excited to be the solution partner for such a high volume and iconic finance business," said Naeem Ghauri, president of global sales for NetSol. "NFS Ascent is designed to improve productivity, performance and responsiveness, while seamlessly integrating into a customer's current technology framework and infrastructure." The implementation is scheduled to be completed within the next 18 months, with the first phase scheduled to go live in February 2015. License and services revenue will generate more than $10 million in revenues. In addition, the five-year cost of ownership, including maintenance and support, brings the contract value to more than $16 million.