NetSol Technologies, "NetSol" (NasdaqCM:NTWK) (NASDAQ DUBAI: NTWK), a U.S. corporation providing global business services and enterprise application solutions to private and public sector organizations worldwide, today announced a new partnership with Neptune Software plc, extending the reach of the NetSol Financial Suite (NFS) and LeaseSoft Evolve product in Africa, as leasing is rapidly expanding as a financing solution across the continent.
The Neptune Software plc partnership will see NetSol's products and attendant professional services offered in more than 12 African countries.
Naeem Ghauri, NetSol Technologies, Inc. Head of Global Sales, commented, "We are delighted to announce our partnership with Neptune Software, whose experience, local expertise, and knowledge, when combined with the strength and functional depth of our LeaseSoft product range, will make for a compelling proposition to the African market."
NetSol's strategic partnership with Neptune Software plc, a specialist provider of banking solutions, focuses on the marketing, implementation, and support of NetSol's financial solutions to banks and financial organizations that wish to offer asset finance and leasing facilities to customers in Africa. A number of stakeholders including governments, the donor community, International Finance Corporation (IFC) and the leasing companies themselves are promoting leasing as an alternative source of equipment finance, particularly in the agricultural sector. Neptune Software plc was recently ranked as a global top five provider of international core back office banking systems to the finance industry by International Banking Systems (IBS) Journal.
Chibuzo Ene, Managing Director for East and Southern Africa for Neptune Software, commented, "With supporting legislation and regulation recently put in place, or imminently pending, in several African countries the average annual growth in outstanding lease volumes, which used to be above 10%, is likely to enter the 25% to 30% range. We believe this demand will fuel the need for more efficient software solutions, giving rise to a huge software and services market in the next few years. In partnering with NetSol, we have given ourselves and our customers a head start in developing their leasing capability to satisfy the increasing demands of their customers throughout Africa. We believe sales and delivery success will be achieved quickly and we look forward making further announcements very soon."