NetSol Technologies (NTWK) is a provider of software and services for banks, leasing and finance firms, and other financial services institutions. NetSol’s primary product, LeaseSoft, helps process and manage incoming credit applications. The company counts car dealerships among its prime customers, and its Wholesale Finance System automates and manages the floor plan and bailment activities of dealerships as well as providing a tool for the management of dealership fleets.

California-based NetSol, founded in 2002 and formerly known as NetSol International, is in the midst of a massive expansion of its product offerings and is seeking to externally grow its business through acquisitions and alliances. The company has international locations serving Europe, Southeast Asia, Asia Pacific, China and the United States. To reduce costs, most of NetSol’s skilled labor force, about 80 percent, is based in Pakistan.

Earlier this month, NetSol said that Al-Amthal Leasing, one of the largest leasing companies in Saudi Arabia, became a customer and will be using LeaseSoft. The agreement with Al-Amthal marks NetSol’s initial foray into the Middle Eastern market. In addition, NetSol said Mercedes Benz of Taiwan also became a LeaseSoft customer. In July, NetSol said it signed a new agreement with Daimler Financial Services AG Germany, to service Daimler’s needs in Africa and the Asia Pacific region.

Shares of NetSol closed today at $2.85. The $73-million company competes with IDS Group, Tata Consultancy Services Ltd. and Wipro Technologies, all of which are privately held. NetSol has a strong balance sheet and about 20 percent of its stock is held by insiders with another seven percent held by institutions.

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