Calabasas, Calif.— NetSol Technologies Inc. a multinational provider of enterprise software and IT services to the financial services industry, announced that its Asia Pacific division has signed a follow-on contract valued at more than $1.0 million with the automotive finance division of one of the largest Japanese automakers. The customer is licensing the LeaseSoft Retail Finance System for its operations in China. In addition to the software license, NetSol will provide software customization, system implementation and ongoing maintenance and support services as part of the contract.

The LeaseSoft Retail Finance System was selected to replace the customer's existing retail system. Under terms of the contract, it is licensing two modular components — the Credit Application Processing System (CAPS) and the Contract Management System (CMS) — of LeaseSoft, NetSol's flagship vehicle portfolio management system. The company, a long-term NetSol customer, is currently using the LeaseSoft Wholesale Finance System (WFS) in its operations in China.

"We are delighted to receive this follow-on contract from a long-term customer, and believe the repeat investment demonstrates the customer's satisfaction with LeaseSoft and NetSol's superior technical support services," said Najeeb Ghauri, chairman and CEO. "The only end-to-end solution available for captive finance companies in the Asia Pacific (APAC) region, LeaseSoft is recognized as the preferred vehicle finance accounting and portfolio management system in the region. In fact, robust sales of LeaseSoft in China have resulted in that market becoming NetSol's No.1 revenue-generating market.

"We believe the recent stream of contract announcements demonstrate that NetSol is strengthening the LeaseSoft product foothold in the Asia-Pacific region. These orders are indicative of how well NetSol is positioned to be a key player in meeting the needs of automotive finance companies in the APAC region and worldwide," concluded Ghauri.

LeaseSoft shortens the time to retail and wholesale markets by providing flexibility in configuring financial products and enhances organizational productivity through efficiently managing the complete lifecycle of the contract in a cost-effective way.