Business
NETSOL Technologies Reports Fiscal Fourth Quarter and Full Year 2020 Financial Results
Company Drives Another Year of Profitability Amidst Challenging Market ConditionsIntroduction of Global Subscription Pricing Model, Key Hires and Strong
About this update from Netsol Technologies Inc.
[{"type":"text","content":"Company Drives Another Year of Profitability Amidst Challenging Market ConditionsIntroduction of Global Subscription Pricing Model, Key Hires and Strong Initial Traction within Otoz Innovation Lab Provide Near-Term CatalystsCOVID-19 Driven Purchasing Delays Lead to Significant Pipeline of Opportunities in Fiscal 2021 CALABASAS, Calif., Sept. 28, 2020 (GLOBE NEWSWIRE) -- NETSOL Technologies, Inc. (NASDAQ: NTWK), a global business services and enterprise application solutions provider, reported results for the fiscal fourth quarter and full year ended June 30, 2020.\n Fiscal Fourth Quarter 2020 and Recent Operational Highlights Introduced Software-as-a-Service (SaaS) subscription-based pricing for new and existing customers as an alternative to the traditional license model, which is now available for all cloud-based NETSOL products and services globally, including NETSOL’s flagship offering NFS Ascent®.Announced the successful implementation of the Company’s first North American cloud-based NFS Ascent Contract Management System (CMS) for SCI Lease Corp, a Canadian-based national automotive leasing company.Generated $800,000 in SaaS subscription revenues within the Company’s NETSOL Technologies Americas (NTA) region from contracts with new and existing customers.Appointed Peter Minshall as Executive Vice President (EVP) of NTA. The EVP role will report directly to the Company CEO and is responsible for the entire NTA portion of NETSOL’s business operations.Appointed industry veteran Chris Mobley as the new Head of NFS Ascent Wholesale operations in Europe with the goal of leading the rollout of NETSOL’s new, subscription-based pricing strategy, orchestrating the company’s European-focused growth plans and leading pre-sales of the company’s Wholesale operations globally.In response to the economic slowdown caused by the current global pandemic, implemented a series of cost reduction initiatives and temporary salary reductions.Made further advancements in certain Otoz Innovation Lab initiatives, leading to multiple discussions, demonstrations, and potential engagements with a several tier one customers in the U.S. and Asia Pacific (APAC) regions.Acquired the remaining 49% stake of Virtual Lease Services (VLS), a UK-based portfolio and risk management servicing partner for business and consumer finance providers, after initially acqu...