NetSol Technologies Inc. (NTWK) Signs 3-year Agreement with TCS Pakistan Divisions

QualityStocks would like to highlight NetSol Technologies, Inc. (NASDAQ: NTWK). The company is a worldwide provider of global IT and enterprise application solutions.

In the company’s news yesterday,

NetSol Technologies has inked a three-year, multimillion-dollar deal with TCS Private Ltd. (TCS), Pakistan’s leading express and logistics provider. Per the agreement, NetSol will develop a customized operations management IT solution.

The solution will serve as the IT blueprint for several of TCS’ core business divisions in Pakistan. NetSol will retain the global rights to market the logistics solution outside of Pakistan, though both partners may later engage in a global joint venture.

In addition, NetSol will remain the preferred technology partner for any new IT projects or functionalities initiated by TCS during the three-year contract period.

TCS chose NetSol out of a total of 20 domestic and international IT companies that bid on the project, and NetSol said it anticipates that the deal will grow both companies through technological diversification.

“We are proud to become a long-term preferred technology partner of TCS and would like to thank the TCS team for making this collaboration possible,” Najeeb Ghauri, NetSol’s chairman and CEO stated in the press release. “We expect this agreement to open up additional avenues of technological growth as TCS diversifies into new areas within the logistics and express market.”

TCS operates more than 3,500 locations worldwide to cater to its 6,600 corporate clients and thousands of retail customers. TCS and its affiliated companies’ services include express and logistics, gift delivery, mail management, warehousing, distribution, cargo aviation, business travel and tours, visa drop box, business training and event management.

“This contract offers significant potential for scalability in the form of product and service enhancements. As the logistics market rebounds from the global recession, companies operating in this space are expected to upgrade their IT systems as a means to improve efficiency and maintain a competitive edge. NetSol has considerable expertise in developing large-scale operations management systems, and we expect to benefit from the growing number of private sector opportunities available in Pakistan and other markets worldwide,” Ghauri stated.

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