CALABASAS, Calif., Nov. 23, 2011 (GLOBE NEWSWIRE) -- NetSol Technologies, Inc. (Nasdaq:NTWK), a worldwide provider of global IT and enterprise application solutions, today announced that Chinese regulators approved the company's application to establish its subsidiary, NetSol Technologies (Beijing) Co., as a wholly owned foreign enterprise (WOFE).
The formation of the subsidiary arrives on the heels of NetSol entering a second phase strategic partnership with China-based Minsheng Financial Leasing Co. (MSFL), Ltd., a leading provider of aircraft leases in Asia.
"We are pleased to receive this important designation, which makes it easier to conduct business in China and enhances NetSol's ability to achieve growth objectives," said Najeeb Ghauri, chairman and CEO of NetSol. "As the need for leasing and financing solutions increase in China, we are well poised to benefit as the de facto leader in the auto captive finance space."
NetSol began operation in China in 2005 and now counts 15 clients (11 multinationals), including Mercedes Benz Finance, Minsheng Financial Leasing, BMW Financial Services, Fiat, BYD, among others. As of September 30, 2011, business in China contributed more than 35 percent of NetSol's total revenue.
"We anticipate doubling our revenue from China within the next two years due to our robust pipeline," Ghauri added.
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 178companies 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.
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