Breaking News

Tweet TWEET

NetSol Technologies Completes Contract Management System Software Implementation With Mercedes-Benz Finance Co., Ltd. Japan

NetSol Technologies Completes Contract Management System Software
Implementation With Mercedes-Benz Finance Co., Ltd. Japan

CALABASAS, Calif., March 6, 2013 (GLOBE NEWSWIRE) -- NetSol Technologies, Inc.
(Nasdaq:NTWK), a worldwide provider of global IT and enterprise application
solutions, today announced that Mercedes-Benz Finance Co., Ltd. Japan has gone
live with the Contract Management System (CMS) of NetSol Financial Suite
(NFS™). 

The agreement included full localization of the software, including the
successful conversion from 'Japanese Generally Accepted Accounting Principles
(JGAAP)' to 'International Financial Reporting Standards (IFRS)'. NetSol said
this has been the largest and most complex CMS switch ever in the Daimler
Financial Services (DFS) Africa and Asia Pacific (AAP) region. NetSol worked
together with a team from Mercedes-Benz Finance Co., Ltd. to implement the
project, migrating a system that manages a significant portfolio in Japan. The
implementation benefited from a high quality data migration process covering
millions of records completed successfully with high precision.

"I congratulate the NetSol and Mercedes-Benz Financial Services teams for
their dedicated efforts to complete one of the most comprehensive, customized
solutions we have had to date," said Naeem Ghauri, president and head for
global sales for NetSol. "In Japan and throughout Asia, our core NetSol
Financial Suite is recognized as the most robust end-to-end leasing solution
available, and as such, we continue to gain market share."

"The team in Japan has been hard at work on this implementation for more than
two years, completing this large project on time and on budget," said Richard
A. Howard, Member of the Board of Management of Daimler Financial Services and
President & CEO of the Africa and Asia Pacific region. "By working together
with NetSol, we aim to further streamline our processes, increase customer and
dealer service levels and ultimately lower operating costs."

About Mercedes-Benz Finance Co., Ltd.

Mercedes-Benz Finance Co., Ltd. a subsidiary of Daimler Financial Services,
was established in Japan in 1991. Daimler Financial Services offers a
comprehensive range of automobile-related financial services – the products
extend from leasing, retail financing, and dealer financing to commercial
fleet management, insurance solutions, banking services, and innovative
mobility services. In 2012, the global volume of financing and leasing
contracts of Daimler Financial Services exceeded EUR 79 billion. The company
has 7,000 employees in approximately 40 countries.

About NetSol Technologies

NetSol Technologies, Inc. (www.netsoltech.com) is a worldwide provider of
global IT and enterprise application solutions that include credit and finance
portfolio management systems, SAP consulting and services, custom development,
systems integration, and technical services for the global Financial, Leasing,
Insurance, Energy, and Technology markets.Headquartered in Calabasas, Calif.,
NetSol's product and services offerings have achieved ISO 9001, ISO 20000, ISO
27001, and SEI (Software Engineering Institute) CMMI (Capability Maturity
Model) Maturity Level 5 assessments, a distinction shared by only 178
companies worldwide. The company's clients include Fortune 500 manufacturers,
global automakers, financial institutions, utilities, technology providers,
and government agencies.NetSol has delivery and support locations in San
Francisco, London, Beijing, Bangkok, Lahore, Adelaide and Riyadh.

The NetSol Technologies, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=9832

Investor Contacts:

PondelWilkinson
Roger Pondel | Matt Sheldon
investors@netsoltech.com
(310) 279-5980

Media Contacts:

PondelWilkinson
George Medici | gmedici@pondel.com
(310) 279-5968

company logo