NetSol Technologies Sets Up Wholly Owned Foreign Enterprise in China

NetSol Technologies (News - Alert), a provider of IT and enterprise application solutions, announced that Chinese regulators approved the company's application to set up its subsidiary, NetSol Technologies (Beijing) Co., as a wholly owned foreign enterprise (WOFE).

NetSol is entering the second phase of strategic partnership with China-based Minsheng Financial Leasing (MSFL), a provider of aircraft leases in Asia.

NetSol Technologies is planning to double its revenue from China within the next two years due to its robust pipeline. As of Sept. 30, 2011, business in China contributed more than 35 percent of NetSol's total revenue.

"We are pleased to receive this important designation, which makes it easier to conduct business in China and enhances NetSol's ability to achieve growth objectives," said Najeeb Ghauri, chairman and CEO of NetSol, in a statement. "As the need for leasing and financing solutions increase in China, we are well poised to benefit as the de facto leader in the auto captive finance space."

Started operation in China in 2005, NetSol now has 15 clients (11 multinationals), including Mercedes Benz Finance, Minsheng Financial Leasing, BMW Financial Services, Fiat, BYD, among others.

The company's clients also include Fortune 500 manufacturers, global automakers, financial institutions, utilities, technology providers, and government agencies. NetSol has delivery and support locations in San Francisco, London, Beijing, Bangkok, Lahore, Adelaide and Riyadh.

Recently, a major U.S. aerospace defense contractor has selected NetSol's smartOCI search engine for eProcurement solution. The U.S. aerospace defense contractor will deploy NetSol's smartOCI search engine software in its SAP (News - Alert) eProcurement environment.