NETSOL Technologies, Inc. (NASDAQ: NTWK) stock identified change of 9.96% away from 52-week low price and recently located move of -46.51% off 52-week high price. It has market worth of $65.36M . NTWK stock has been recorded -10.31% away from 50 day moving average and -17.96% away from 200 day moving average. Moving closer, we can see that shares have been trading -2.28% off 20-day moving average.
NETSOL Technologies, Inc. (NASDAQ: NTWK), a global business services and enterprise application solutions provider, reported that it has acquired the remaining 49% stake of Virtual Lease Services (VLS), a UK-based portfolio and risk management servicing partner for business and consumer finance providers. NETSOL initially acquired a 51% majority stake in VLS through a joint venture partnership with Investec in 2011.
Since that time, NETSOL and Investec, an international specialist banking and asset management group, have worked together with VLS management to optimize operations, maximize financial results, and integrate complementary technologies, such as NETSOL’s LeaseSoft and next-generation NFS AscentTM platform. As a result of these combined efforts, VLS has demonstrated significant performance improvements in all aspects of the business. In the past three years, VLS has recorded a 3-year compound annual growth rate (CAGR) north of 20%, and the company has been consistently and increasingly profitable over that period.
Since the company’s founding in 1999, VLS has operated a back-office solution to provide its customers with a variety of flexible and cost-effective portfolio and risk management services. These services include: complex, middle and large ticket leases, consumer loans, SME installment credit (including rental, lease, and service), as well as cash management. VLS manages over £1.5B of audited and standby assets, has facilitated more than 500,000 contracts and currently collects around £20M each month, with close to £500M receivables under management. In its 20-year history, VLS has earned the trust of banks, independent lenders, investment funds and securitization partners.
NETSOL Co-Founder, Chairman and Chief Executive Officer Najeeb Ghauri said “VLS is a highly complementary business to NETSOL’s core competencies and has substantially improved its financial profile over the past several years since our initial strategic investment,”. “Being a long-time user of our LeaseSoft product, VLS is well-versed in NETSOL’s technology solutions, making this next step a seamless transition and a perfect complement to our overall European growth plan. Beyond the immediate monetary benefits we expect to receive from this accretive acquisition, VLS also provides us with a new opportunity to begin convert existing customers and marketing to new customers for our Next-Gen NFS Ascent. This partnership has already proven to be mutually beneficial over the past several years, and we look forward to maximizing additional growth opportunities, thereby expanding our footprint in the UK and European markets.”
Louise Ikonomides, Managing Director at VLS, added: “We’ve maintained a strong relationship with NETSOL since our partnership began in 2011 and are looking forward to strengthening that bond in becoming a wholly-owned subsidiary. We have continued to grow our client base to 34+ Tier 1 Lenders and Financial institutions, closing 2019 on £3.8m of revenue with £893k net profit. By fully assimilating with NETSOL, we will be in a better position to leverage the company’s extensive resources and industry expertise to grow and expand our business within new and existing customers.”
For additional details regarding this transaction, please reference the Form 8-K filed with the U.S. Securities and Exchange Commission on July 8, 2019.
The Technology sector company, NetSol Technologies noticed change of 0.54% to $5.63 along volume of 42677 shares in recent session compared to an average volume of 24.84K. The stock observed return of -2.93% in 5 days trading activity. The stock was at -6.79% over one month performance. NTWK’s shares are at -15.47% for the quarter and driving a -0.35% return over the course of the past year and is now at -8.46% since this point in 2018.
The average volatility for the week at 3.78% and for month was at 4.93%. There are 11.61M shares outstanding and 10.22M shares are floated in market. Right now the stock beta is 0.54.
Sam Leventhal is a self-taught investor and follows the value investing approach to picking stocks. He possesses over 10 years of investment experience, an M.B.A. from Louisiana State University, and is also certified in Risk Management Assurance. Sam is a Certified Internal Auditor, Data Miner, and author with a career broadly spanning over multiple business areas. He has exploited those observations and developed investment tactics within a fundamentally sound long-term investment strategy. He currently covers Technology News category for our site.
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