NETSOL Technologies secures $50 million contract extension

NETSOL Technologies Inc. (NASDAQ: NTWK) signed a $50 million, four-year contract extension with a tier-one global auto captive customer, according to a company statement released Monday.

The contract extends the customer's use of NETSOL's Transcend Finance platform and includes maintenance and licensing fees. Revenue from the agreement will be recognized over the four-year term and will contribute to recurring revenue.

The customer has maintained a partnership with NETSOL since 1996. The company previously signed a contract exceeding $100 million in 2015, under which NETSOL implemented its platform across 12 markets.

Transcend Finance provides end-to-end lease and loan lifecycle capabilities, unifying originations, servicing and wholesale finance functions. The platform uses modular architecture designed for scalability and flexibility.

"Securing this $50 million extension is a significant milestone and a strong testament to the trust we have earned over nearly three decades of partnership," said Naeem Ghauri, Co-Founder and President of NETSOL Technologies Inc.

NETSOL Technologies provides asset finance and leasing solutions for automotive and equipment OEMs, auto captives and financial institutions. The company operates in over 30 countries and was founded in 1996.

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