|Over a month ago|
NetSol Technologies 'confident' in ability to grow in FY21 » 08:2605/1305/13/20
NETSOL President, Global…
NETSOL President, Global Sales and Otoz CEO Naeem Ghauri added: "Traditionally, the fiscal fourth quarter is our strongest performance period, and we're currently tracking in this direction with a backloaded end of the year. We expect to see sequentially stronger revenues and EBITDA, allowing us to close out the year on an upward trajectory. With the global economic outlook still uncertain, we are seeing initial signs of recovery and activity picking up. Overall, we are confident in our ability to grow in fiscal 2021."
NetSol Technologies reports Q3 EPS 9c, one est. (6c) » 08:2605/1305/13/20
Reports Q3 revenue…
Reports Q3 revenue $13.5M, one est. $13.8M. "The start of the calendar year has been a challenging time for many, but we are pushing ahead and continuing to operate efficiently in this new-normal environment," said company Co-Founder, Chairman and Chief Executive Officer Najeeb Ghauri. "Our operations in the fiscal third quarter were meaningfully impacted by the global slowdown occurring in many of the verticals we serve, including the greater leasing, finance and automotive industries. In direct response to this macroeconomic headwind, we've made strategic cost reductions in several key areas, which has allowed us to retain our entire workforce and should result in costs savings of $5 million on an annualized basis. Additionally, our team has responded capably through this trial, and we've been able to operate uninterrupted since transitioning to a remote work environment. Between system enhancements and change requests with existing customers, we were able to generate an additional $2 million in revenue during the period with another $4 million to be recognized in the next few quarters, which is a testament to the commitment and skill of our implementation groups. While COVID-19 has also impacted our ability to travel and meet face-to-face with prospects, our teams are still very busy in conducting virtual demos, presentations and negotiations. Looking ahead, while we're encouraged by the response we've seen in our Chinese operations, we also understand that the roadmap for the rest of the world's re-opening remains opaque at best. We are continuously monitoring all aspects of our global operations to maximize the health and safety of our workforce while balancing our long-term growth initiatives. As a digital-first and SaaS-focused organization, we are also constantly evaluating innovative and flexible ways to manage our cost structures without impacting the delivery and implementations of projects in all markets."
NetSol Technologies' NFS Ascent goes live in Malaysia » 09:0405/0705/07/20
NETSOL Technologies has…
NETSOL Technologies has successfully implemented its full suite NFS Ascent Retail Platform, including its Omni Point of Sale and Contract Management System (CMS), as well as the Wholesale Finance System of its Wholesale Platform, for a leading German auto captive finance company with operations in Malaysia. This implementation in Malaysia is the latest in an ongoing series as part of a larger multi-country agreement, originally signed in December 2015, to provide an existing tier-one NETSOL client with an upgrade to the company's Next-Gen platform, NFS Ascent. The contract includes implementations, licenses, maintenance, services and expected customization fees for the platform covering deployments in 12 countries, altogether representing the largest contract in NETSOL's history. Malaysia marks the ninth deployment to "Go Live" following successful implementations in Japan, China, South Africa, Thailand, New Zealand, Australia, South Korea, and Hong Kong.
NetSol CEO calls early recovery signs in China operations 'highly encouraging' » 08:2904/2004/20/20
"As an international…
"As an international organization, we have seen the impact of the COVID-19 global pandemic from multiple angles and constituencies," said CEO Najeeb Ghauri. "Because of our substantial operations in the APAC region, we were able to realize the importance of proactively responding to the virus outbreak to ensure for the health and safety of our employees worldwide. For the past month-plus period, we've been able to effectively work from home and maintain our same level of service upon which we pride ourselves. Unfortunately, the global economic slowdown has had an impact on our operations, which will continue to have a pronounced effect for the foreseeable future. To address these issues, we have moved swiftly and decisively in reducing our costs in a number of non-core areas and have also elected to take salary reductions in the near-term. Our prudent fiscal approach over the last few years has also resulted in a substantial cash position for NETSOL, which gives us additional support going forward. While COVID-19 has also impacted our ability to travel and meet face-to-face with prospects, our teams are still very busy in conducting virtual demos, presentations and negotiations. In the unpredictable environment we currently find ourselves, there have been understandable delays in decision making from potential new customers, both for our flagship NFS Ascent and Otoz. However, the early recovery signs we've seen through our China operations are highly encouraging, and we hope to see a similar response globally through the major 'flattening-the-curve' efforts that remain ongoing. Looking ahead, we are monitoring all aspects of our global operations. As a digital-first and SaaS-focused organization, we are also constantly evaluating innovative and flexible ways to manage our cost structures without impacting the delivery and implementations of projects in all markets."
NetSol Technologies announces average salary reductions of 20% company-wide » 08:2804/2004/20/20
The company said,…
The company said, "In an effort to mitigate the ongoing financial impact, employees of NETSOL and its subsidiaries have taken an average reduction in salary of nearly 20% company-wide, including the Company's management team and Board of Directors. Strategic programs and new initiatives such as Otoz and the Company's Innovation Lab continue to operate on a reduced allocation and remain operational. Additionally, budgets for marketing, travel, and other postponed operational activities have been substantially reduced, resulting in expected costs savings of $5 million on an annualized basis. Should business conditions improve during this timeframe, these estimates are subject to change. The Company's proactive response efforts to-date have allowed NETSOL to retain all employees at this time. As a digital-first organization, the Company has taken steps to ensure that its business continuity plan remains intact and that all implementations and deliveries remain on schedule. The Company's maintenance and support teams are working full-time for its international customers without interruption."
NetSol Technologies sees material impact in revenues for Q3, remainder of 2020 » 08:2704/2004/20/20
The company said,…
The company said, "Similar to the majority of global industries, leasing and finance operations as well as the related industries they serve, have been meaningfully impacted by the effects of COVID-19. The Company expects to incur a material impact in revenues for the fiscal third quarter and the remainder of fiscal 2020, the extent of which cannot currently be quantified."
NetSol Technologies implements work-from-home policy » 08:2604/2004/20/20
The company said,…
The company said, "The Company is closely monitoring the evolving situation through all available information channels, including the latest news reports as well as updates from the Centers for Disease Control, the World Health Organization and other regulatory authorities. To ensure the health and safety of its employees, NETSOL has restricted all non-essential travel indefinitely and has instituted a mandatory work-from-home policy for the majority of its global workforce. NETSOL is also instructing all employees to notify the Company if they are displaying any flu-like symptoms or experiencing the onset of a potential sickness."
|Over a quarter ago|
NetSol Technologies signs contract with UK bank for NFS Ascent Retail platform » 08:1504/0204/02/20
NETSOL Technologies has…
NETSOL Technologies has signed a contract with a bank in the United Kingdom for the implementation of the Retail platform for its next-generation solution NFS Ascent in the cloud. This contract follows NETSOL's recent agreement with a large independent used vehicle finance company in the UK and covers implementation of NFS Ascent's Retail platform, including its Point of Sale solution and Contract Management System. Similar to the previous contract, implementation is expected in less than six months, enabling the bank to gain value from Ascent's technology in the shortest possible timeframe and setting a new standard for time to deployment in the industry.
NetSol Technologies says auto captive to launch Otoz pilot program in China » 08:4903/1603/16/20
NETSOL Technologies announced a pilot car sharing program with an existing tier-one European auto captive finance customer in China. As part of the program, thousands of the auto captive's employees will be eligible to use flexible car sharing products, all of which will be deployed on the Otoz platform. Among the many use cases and trials being conducted, Otoz will enable options for flexible car rentals as well as peer-to-peer car sharing and other subscription-based programs. The underlying technology driving these innovations will be based in machine learning and blockchain and will also be focused on other broader applications within the smart mobility and Internet of Things ecosystem. In practice, Otoz will capture data from cars being used in the program and will use that information to construct a "digital twin" by harnessing its blockchain-based asset register. Further, vehicles and trips will be digitally "logged" on the blockchain, where transactions are automatically settled between owners, operators and third-party service providers through a single-source, usage-based payment system. In addition to offering customizable payment options, Otoz will also provide dynamic pricing and leverage real-time, intelligent analysis to propose plans to renters that incentivize maximizing the lifetime value of their respective assets.
NetSol Technologies 'actively discussing' partnerships to launch Otoz » 08:1502/1202/12/20
"We are actively…
"We are actively discussing various partnerships and collaborations with several tier one customers to launch Otoz as a premium, white-labeled, shared mobility platform and believe we are close to announcing official agreements soon," continued President, Global Sales and Otoz CEO Naeem Ghauri. "While we continue to build out the platform according to our predefined product roadmap, interest in the platform is tracking ahead of internal targets and forecasts, which has us ramping up efforts to meet demand. We look forward to providing more updates on these roadmap developments as well as potential partnerships in the near future."