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Netsol Technologies Shares Rally After Multi-Million Dollar Renewal

Sam Boughedda trader
Updated 27 Apr 2021

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IT and enterprise software solutions provider Netsol Technologies (NASDAQ: NTWK) share price is one of the largest market gainers on Tuesday after the company signed a five-year multi-million dollar renewal with an existing tier-one Japanese automotive customer in Thailand.

The deal will see the customer continue to license specific key components of NETSOL’s NFS Retail platform, including its NFS Credit Application Processing System (CAP) and NFS Contract Management System (CMS).

“This customer has been a market leader in the financing and leasing of commercial vehicles and pickup trucks in Thailand for some time, and we’re looking forward to building our already-strong working relationship for years to come,” said NETSOL President and Otoz CEO Naeem Ghauri.

“Over the past few years, we’ve been able to provide clear value and quality for their operations, utilizing both the CAP and CMS components of our NFS Retail platform. On a broader level, this renewal further solidifies our standing in Thailand and across Asia-Pacific as the preferred business partner for auto captives and finance and leasing companies in the region.”

“NETSOL deeply values its relationships with its longtime customers, who continue to place their trust in us,” Ghauri added.

“Our goal is to not only help streamline operations, but to go the extra mile and ensure that our clients’ businesses are future-proofed for the road ahead.”

Netsol’s share price has rallied 29% following the news, currently trading at $5.58.

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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.