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NETSOL Technologies, Inc. reports developments in AI-enabled enterprise software and services for the asset finance and leasing market. The company serves OEMs, dealerships, auto captives and financial institutions through platforms including Transcend Finance, Transcend Retail and the Wholesale Finance System.
Recurring news covers fiscal results and conference calls, subscription and support revenue trends, services activity, customer renewals, platform upgrades and go-lives across markets such as the United Kingdom, China and Thailand. Updates also include leadership and accounting changes tied to the company’s global operations in Asia-Pacific, North America and Europe.
NETSOL Technologies reported a 154% increase in operating income and a 90% rise in net income for fiscal 2021. Subscription and support revenues exceeded $20 million annual run rate, enhancing predictable growth for fiscal 2022, with guidance predicting at least a 10% increase in total revenues and a 20% growth in subscription revenues. The company successfully implemented significant change requests, growing total revenues to $54.9 million despite falling service revenues. Notably, NETSOL joined the Russell Microcap Index and launched its digital platform with BMW.
NETSOL Technologies, Inc. (Nasdaq: NTWK) will hold a conference call on September 28, 2021, at 4:30 p.m. ET to discuss financial results for the fiscal fourth quarter and full year ending June 30, 2021. A press release containing these results will be issued prior to the call. Interested parties can connect via a toll-free number or listen live through the Investor Relations section of the company's website. A replay will be available after the call until October 12, 2021.
NETSOL Technologies (Nasdaq: NTWK) will present at the 10th Annual Gateway Conference on September 8-9, 2021. The presentation is set for 12:30 p.m. Pacific time on September 8. Attendees can join the live webcast and access a replay online. NETSOL, recognized for its software solutions in the leasing and finance industry, offers a suite of applications designed for automated asset-based finance operations. The Gateway Conference connects growth companies with institutional investors and analysts, enhancing visibility for participants.
NETSOL Technologies (Nasdaq: NTWK) has signed a significant agreement with Motorcycle Group to implement its cloud-based NFS Ascent® platform across their operations. This marks the platform's first official sale in the U.S. market. Motorcycle Group will utilize Ascent’s Omni Point-of-Sale and Contract Management System, enhancing their retail lending and leasing processes. The partnership aims to streamline operations with subscription-based pricing and rapid deployments, allowing Motorcycle Group to improve efficiency and reduce costs while maintaining their existing customer service applications.
Otoz has been chosen by MINI USA and MINI Financial Services as their preferred vendor to facilitate digital retail for dealerships and consumers. Their innovative platform, MINI Anywhere, has launched successfully, allowing for a fully digital car shopping experience. Since its May debut, five MINI dealerships have adopted the platform in California, with plans for expansion into Florida soon. The initiative aims to streamline online sales, offering an automated sales channel and enhancing consumer engagement in the automotive industry.
NETSOL Technologies (Nasdaq: NTWK) has joined the Consumer Bankers Association (CBA) as an associate member. This membership allows NETSOL to showcase its cloud-based lending and leasing platform, NFS Ascent, at upcoming industry events. CBA represents major financial institutions and aims to strengthen the retail banking sector. NETSOL’s solutions assist banks in managing complex portfolios and driving growth. Additionally, NETSOL’s subsidiary, Otoz, offers technology for digital retail and mobility, supporting the shift towards online car buying.
MINI USA has launched MINI Anywhere, an online retail platform that streamlines the car buying process, allowing customers to complete their purchase in as little as 30 minutes. Backed by a survey showing 60% of consumers prefer online shopping, this platform aims to enhance customer accessibility and convenience. It supports vehicle selection, trade-in evaluations, payment calculations, and financing entirely online. Currently in a pilot phase in California, MINI Anywhere expands dealership reach and facilitates a seamless transactional experience for consumers across the U.S.
NETSOL Technologies (Nasdaq: NTWK) will join the Russell Microcap® Index effective June 28, 2021, post the annual reconstitution. This milestone signifies a notable achievement for NETSOL, enhancing visibility and potentially benefiting shareholders. The Russell Microcap® Index is a key benchmarking standard, utilized by numerous investment managers and institutional investors, with $10.6 trillion in assets benchmarked against Russell's U.S. indexes.
NETSOL Technologies (Nasdaq: NTWK) has been recognized by Monitor Daily as one of the 'Most Innovative Companies in the Equipment Finance Ecosystem' in the 'Sustaining' category. With over 40 years of experience, NETSOL remains a preferred partner for equipment finance firms globally. The company has successfully executed seven projects across different countries during the pandemic, showcasing its technology-first approach. Furthermore, NETSOL's Innovation Lab continues to develop next-gen products aimed at enhancing asset finance and making businesses resilient to emerging technologies.
NETSOL Technologies reported a 10% increase in subscription (SaaS and Cloud) and support revenues to $5.7 million for the fiscal third quarter ending March 31, 2021. Total net revenues rose to $13.8 million, with improved gross profit of 46.6%. However, a net loss of $(623,000) was recorded, largely due to a $1.8 million loss from foreign currency exchange. The company appointed James Freto as Vice President of Sales and expanded its pipeline in North America and Europe, indicating potential growth opportunities.