NetSol Technologies (NASDAQ:NTWK) news for Wednesday includes the launch of its NFS Ascent retail platform in China boosting NTWK stock higher.
A NetSol Technologies news release notes that the launch of the platform was for a German auto company operating in China. It notes this launch is the second phase of a previously announced $30 million contract for the company. This customer also operates in the larger Asia-Pacific region.
NetSol Technologies points out that the platform includes its Loan Origination System, as well as its Contract Management System. These meet standards in China and should allow for easy use of its platform.
Peter Minshall, the executive vice president of NetSol Technologies Americas, said this about the news.
“This deployment is a big-ticket project for NETSOL and another major step forward for our operations in the new fiscal year. Going live with a global captive of this magnitude further validates our solutions across the world. We covered all regulatory and compliance requirements while, at the same time, providing integration and automation to an incredibly sophisticated Chinese market.”
NetSol Technologies says that the launch of this platform frees up its workers to focus on other upcoming launches. The company is expecting this to move forward plans for an incremental increase in performance for the year.
NTWK stock was up 7% as of Wednesday morning but is down 26.2% year-to-date.