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NetSol Technologies and Atheeb Group Form Atheeb NetSol Limited, a New Software Engineering and Joint Venture Company Focused on Saudi Arabia, GCC, and The Middle East
NetSol to Own 50.1%, Atheeb to Own 49.9% Stake in Joint Venture Serving Key Sectors Including Telecommunications, Defense, Security, Education, Financial, and Legal Institutions
| Source: NetSol Technologies, Inc.
EMERYVILLE, CA and RIYADH, SAUDI ARABIA--(Marketwire - April 14, 2009) - NetSol
Technologies, Inc. "NetSol" (NASDAQ : NTWK ) (NASDAQ DUBAI: NTWK), a U.S.
corporation providing global business services and enterprise application
solutions to private and public sector organizations worldwide, today
announced the company has signed a definitive joint venture agreement with
Atheeb Group "Atheeb" to form Atheeb NetSol Limited, a new software
development and IT services company focused on serving Saudi Arabia, GCC,
and Middle East. Atheeb (www.atheeb.com), established in 1985 is a major
diversified group with approximately 10,000 employees group wide,
headquartered in Riyadh, Saudi Arabia serving business markets across the
Middle East. Recently, Etihad Atheeb Telecommunications Company (EATC), the
second licensee for fixed telecommunication (which will provide voice,
broadband, video voice over IP) in Saudi Arabia, achieved a very successful
IPO. This was the first IPO in the region since September 2008 and was
oversubscribed by 350%. The EATC IPO is roughly the third largest in the
world this year. EATC has implemented the largest WiMax Network in Africa,
Europe and the Middle East to roll out their services.
The Atheeb NetSol Limited joint venture will focus on market development
opportunities around penetrating the software engineering arena in key
business sectors such as telecommunications, defense, and finance, among
others. Atheeb NetSol Limited will leverage the strength of Atheeb's local
presence in key geographies where Atheeb is operating as well as supporting
private, public and governmental customer business activities. NetSol will
provide best practices project management and the comprehensive delivery
capabilities of its CMMI Level 5 certified Center of Excellence for
software engineering, research and development, as well as customer support
and training.
HRH Prince Abdulaziz bin Ahmed, Atheeb Group Chairman and Chief Executive
Officer, commented, "As we looked out across our portfolio of leading
companies within the growing Middle East region, we saw a distinct
opportunity to tap the rising demand for innovative software development
and outsourced IT services. In partnering with NetSol, we found a strategic
joint venture partner that brings world class CMMI Level 5 capabilities as
well as a shared vision for success, founded on a deep understanding of the
IT needs of the Middle East business landscape. With our combined resources
and expertise, we have set in place a strong foundation for the future and
are excited by the tremendous market opportunities that lie ahead for
Atheeb NetSol Limited."
Najeeb Ghauri, NetSol Technologies, Inc. Chairman and Chief Executive
Officer, stated, "Our new joint venture partnership with Atheeb Group
represents the unlimited opportunities we see for software engineering in
Saudi Arabia and the broader Middle East. In partnering with the Atheeb
Group we have a highly respected and major business group who shares our
vision for supporting the dynamic and increasingly diversified economies of
the region, which is seeing a rising demand for high quality software
development and IT services. Today's announcement aligns directly with our
stated strategy of penetrating new growth areas through strategic joint
ventures and leveraging our Center of Excellence on a global scale."
Under the terms of the joint venture agreement, Atheeb NetSol Limited will
be 50.1 percent owned by NetSol and Atheeb will own 49.9 percent. Both
joint venture partners will provide a modest up front capital investment.
About Atheeb Group
Atheeb Group is a major diversified group established since 1985, based in
Saudi Arabia and operating across the Middle East and in the wider region,
Atheeb Group succeeded in the market, and it is in the stage of expanding
its business in the region. Its business activities focus on Shipping
Stevedoring, Medical Services, Information Technology, Telecommunications,
Operations and Maintenance, Real Estate Investment, Contracting,
Construction, Investment Banking and providing hardware and services to the
Military. Atheeb's Group workforce is about 10,000 people led by a
professional and well-qualified management team. They are guided by a clear
mission and vision for growth, and a set of core values that include
quality, professionalism, highest level of ethics and social
responsibility.
To learn more about Atheeb Group, visit http://www.atheeb.com
About NetSol Technologies, Inc.
NetSol Technologies, Inc. (NASDAQ : NTWK ) (NASDAQ DUBAI: NTWK) is a
worldwide provider of global business services and enterprise application
solutions. Since its inception in 1995, NetSol has used its Best
Shoring™ practices and highly experienced resources in analysis,
development, quality assurance, and implementation to deliver high-quality,
cost-effective solutions. Specialized by industry, these product and
services offerings include credit and finance portfolio management systems,
hospital/healthcare information management systems (HIMS), SAP consulting
and services, custom development, systems integration, and technical
services for the global Financial, Healthcare, Insurance, Energy, and
Technology markets. NetSol's commitment to quality is demonstrated by its
achievement of the ISO 9001, ISO 27001, and SEI (Software Engineering
Institute) CMMI (Capability Maturity Model) Maturity Level 5 assessments, a
distinction shared by fewer than 100 companies worldwide. NetSol
Technologies' clients include Fortune 500 manufacturers, global automakers,
financial institutions, utilities, technology providers, and government
agencies. Headquartered in Emeryville, California, NetSol Technologies has
operations and offices in Adelaide, Beijing, Bangkok, Lahore, and London.
To learn more about NetSol Technologies, Inc., visit www.netsoltech.com
To join the NetSol Technologies, Inc. email communications list, visit:
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