SOURCE: NetSol Technologies

April 21, 2008 08:31 ET

Venture Finance Implements NetSol's LeaseSoft Suite to Manage New Block Discounting Portfolio

CALABASAS, CA--(Marketwire - April 21, 2008) - NetSol Technologies Inc. ("NetSol") (NASDAQ: NTWK), a worldwide Solutions provider of global business services and enterprise software, today announced the successful implementation of its LeaseSoft solution for the portfolio management of Venture Finance's new block discounting division through NetSol Technologies Europe (NTE), the Company's UK division.

Venture Finance, an award-winning invoice finance and asset based lender for small and medium enterprises (SME) to multi-national corporations in the UK, required a flexible software solution to manage its recently launched block discounting division in the areas of credit application processing, contract management, receivables management, accounting and management reporting. Venture Finance required a tried and tested credit facility system from an IT services partner that understands the complex block discounting market. This was seen as crucial to allow for a fast and efficient start to the division's new business line.

The flexibility of the LeaseSoft solution allows Venture Finance to configure their requirements without the need for software customisation. This allows for a rapid implementation timetable and a significant reduction in the project risks normally associated with business critical software projects.

Richard Miller, Project Manager at Venture Finance, commented, "In LeaseSoft we saw a solution that could support our core business and future growth aspirations." Mr. Miller further added, "We value NetSol Technologies as an experienced software partner and their industry knowledge of the block discounting domain adds much value to our business."

"It is very rewarding to see Venture Finance invest in LeaseSoft for their new block discounting division. Many organizations look for a short-term solution and then have to undergo the disruption of system migration projects later. With LeaseSoft, Venture Finance has invested in a robust solution that will grow and expand with their business for 'life,'" stated Graham Tarrant, Product Director of NetSol Technologies Europe.

NetSol Technologies' LeaseSoft solutions are a premium suite of software modules that improve business processes by providing rapid and convenient solutions, capable of dealing with multi-asset, multi-currency and multi-lingual environments. LeaseSoft solutions are available for customers in motor finance, asset finance, consumer finance, real estate finance and loan finance.

About Venture Finance

Venture Finance is an award-winning Invoice and Asset Based Lender for UK businesses from start-ups to multi-million pound corporations. Venture Finance now offers Block Discounting as part of their service which also includes Online Factoring, Full Service Factoring, Invoice Discounting, Asset Based Lending, Bad Debt Protection, Small Firms Loan Guarantee, Import Trade Finance & Export Finance. Established in 1989 Venture Finance now employs over 240 people throughout their 11 offices. Please visit www.venture-finance.co.uk.

About NetSol Technologies Inc.

NetSol Technologies (NASDAQ: NTWK) is a multinational provider of global business services and enterprise solutions to the financial services industry. By utilizing its worldwide IT design, development, quality assurance (QA), BestShoring™ practices, and project management resources, NetSol delivers high-quality, cost-effective portfolio management solutions for equipment and vehicle finance, as well as global business services ranging from consulting and application development to systems integration and development outsourcing. NetSol's commitment to quality is demonstrated by its achievement of the ISO 9001, ISO 279001, and SEI (Software Engineering Institute) CMMi (Capability Maturity Model) Level 5 assessments, a distinction shared by fewer than 100 companies worldwide. NetSol Technologies' clients include Fortune 50 manufacturers, global automakers, financial institutions, technology providers, and governmental agencies.

Headquartered in Calabasas, California, NetSol Technologies has operations and offices in London, San Francisco, Sydney, Beijing, Bangkok and Lahore, Pakistan. Click here to join the NetSol Technologies Inc. email distribution list: http://www.b2i.us/irpass.asp?BzID=897&to=ea&s=0.

To learn more about NetSol Technologies Inc., visit www.netsoltek.com

Forward-Looking Statements

This press release may contain forward-looking statements relating to the development of the Company's products and services and future operation results, including statements regarding the Company that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words "believe," "expect," "anticipate," "intend," variations of such words, and similar expressions, identify forward looking statements, but their absence does not mean that the statement is not forward looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could affect the Company's actual results include the progress and costs of the development of products and services and the timing of the market acceptance.

Contact Information

  • Contacts:

    NetSol Technologies, Inc.
    Tina Gilger
    Chief Financial Officer
    Tel: +1 (818) 222-9195, x112

    Investor Relations
    Christopher Chu
    The Global Consulting Group
    Tel: +1-646-284-9426
    Email: cchu@hfgcg.com