What changed in this filing

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Item 1. Business

2021-09-28 compared with 2020-09-28 · 441 added, 480 removed, 96 unchanged (91% of the section changed)

Technologies, Inc.

NTWK) is a worldwide provider of IT and enterprise software solutions.

We believe that our solutions

constitute mission critical applications for clients, as they encapsulate end-to-end business processes, facilitating faster processing

and increased transactions.

Company’s primary source of revenue is the licensing, customization, enhancement and maintenance of its suite of financial

applications under the brand name NFS Ascent ®

for leading businesses in the global finance and leasing industry.

NTWK) is a worldwide provider of IT and enterprise software solutions to the global finance and leasing

We believe that our solutions constitute mission critical applications for clients, as they encapsulate end-to-end business

processes, facilitating faster processing and increased transactions.

NETSOL’s

clients include blue chip organizations, Dow-Jones 30 Industrials, Fortune 500 manufacturers and financial institutions, global

vehicle manufacturers, and enterprise technology providers, all of which are serviced by NETSOL delivery locations around the

primary sources of revenues have been licensing, subscriptions, modification, enhancement and support of its suite of financial applications,

under the brand name NFS Ascent ®

for leading businesses in the global finance and leasing space.

With constant innovation

being a major part of NETSOL’s DNA, we have enabled NFS Ascent ®

deployment on the cloud with several implementations

already live and some underway.

This shift to the cloud will enable NETSOL’s new customers to opt for a subscription-based pricing

model rather than the traditional licensing model.

NETSOL’s

clients include blue chip organizations, Dow-Jones 30 Industrials, Fortune 500 manufacturers, financial institutions, global vehicle

manufacturers and enterprise technology providers, all of which are serviced by NETSOL’s strategically placed support and delivery

locations around the globe.

in 1997, NETSOL is headquartered in Calabasas, California.

While the Company follows a global strategy for sales and delivery

of its portfolio of solutions and services, it continues to maintain regional offices in the following locations:

While the Company follows a global strategy for sales and delivery of its

portfolio of solutions and services, it continues to maintain regional offices in the following locations:

Metropolitan Area, Horsham

Karachi, Bangkok, Beijing, Shanghai, Jakarta and Sydney

Company continues to maintain services, solutions and/or sales specific offices in the USA, England, Australia, Thailand, China,

Indonesia and Pakistan.

Business Model

believes that strong technology solutions with provable returns on investment are required to sell to its globally competitive

and mature marketplace.

NETSOL believes that people are the drivers of success and we invest in hiring, training and retaining

top-notch staff to ensure not only successful selling but also the ongoing satisfaction of our clients.

Taken together, this “selling

and attentive servicing”

approach creates a distinctive advantage for NETSOL and a unique value for its customers.

continues to underpin this effective business model with a combination of careful cost arbitrage, subject matter expertise, domain

experience, scalability and proximity with its global and regional customers.

specializing in leasing and financing solutions, we have gained footholds in several global locations and a market leading position

in the captive auto-finance segment and a growing presence in the general asset finance space.

believes that our strong technology solutions offer our customers a return on their investment and allows us to thrive in a hyper competitive

and mature global marketplace.

Our solutions are bolstered by our people.

NETSOL believes that people are the drivers of success;

we invest heavily in our hiring, training and retention of top-notch staff to ensure not only successful selling, but also the ongoing

satisfaction of our clients.

Taken together, this “selling and attentive servicing”

approach creates a distinctive advantage

for NETSOL and a unique value for its customers.

NETSOL continues to underpin its proven and effective business model which is a combination

of careful cost arbitrage, subject matter expertise, domain experience, scalability and proximity with its global and regional customers.

specializing in leasing and financing solutions, we have gained a strong foothold in several global locations and a market leading position

in the captive auto-finance segment.

NETSOL has a significantly growing presence in the general asset finance space, including equipment

and the big ticket financing industry together with startups and banks.

Matter Expertise

dual expertise in enterprise technology implementation and financial application development has helped us emerge as a global

contender in the lease and finance industry and secure a broad footprint throughout the major markets of North America, Asia Pacific

The Asia Pacific operating region has particularly benefitted from the organic growth in the fast-developing leasing

automation industry, which is still nascent by Western standards.

dual expertise in enterprise technology implementation and financial application development has helped us emerge as a global player

in the finance and leasing industry and secure a broad footprint across the major markets of North America, Asia Pacific and Europe.

The Asia Pacific region has particularly benefitted from the organic growth in the fast-developing leasing automation industry, which

is still nascent per Western standards.

has a strong presence in the captive auto-finance domain.

With a collective experience of over two decades in Asia Pacific and

over three decades in North America and Europe, NETSOL is one of a few global competitors in this niche industry.

With a collective experience of over two decades in Asia Pacific and Europe

and of nearly four decades in North America, NETSOL is one of the few players in this niche industry with a global presence.

with Global and Regional Customers

Company has offices across the world, located strategically to maintain close contact and proximity with its customers in various

This has helped in strengthening customer relationships and building a deeper understanding of local market dynamics.

Simultaneously, the Company is able to extend services and even support development through a combination of local/onsite and

central/off-site resources.

This approach allows the Company to offer blended rates to its customers by employing a unique and

cost-effective global development model.

our business model is built around the development, implementation and maintenance of our suite of financial applications, NETSOL

has employed the same facilities and competencies to extend its offerings into related segments, including:

consulting & services

system review

have offices across the world, located strategically to maintain close contact and proximity with our customers in various key markets.

This has not only helped us in strengthening our customer relationships but also in building a deeper understanding of local market dynamics.

Simultaneously, we are able to extend services and even support development through a combination of onsite and off-site resources.

approach has allowed us to offer blended rates to our customers by employing a unique and cost-effective global development model.

our business model is built around the development, implementation and maintenance of our suite of financial applications, we have employed

the same facilities and competencies to extend our offerings into related segments, including but not limited to:

consulting and services

services and software process improvement consulting

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Technology/start-up

label digital retailing for auto-captives

global operation is broken down into three regions:

North America, Europe and Asia Pacific.

All of the subsidiaries are seamlessly

integrated to function effectively with global delivery capabilities, cross selling to multinational asset finance companies,

leveraging a centralized marketing and pre-sales organization and, a network of employees connected across the globe to support

local and global customers and partners.

All of the subsidiaries are seamlessly integrated

to function effectively with global delivery capabilities, cross selling to multinational asset finance companies, leveraging a centralized

marketing and pre-sales organization and, a network of employees connected across the globe to support local and global customers and

the complete finance and leasing cycle starting from quotation origination through end of contract transactions, NFS Ascent ®

has been designed and developed for a highly flexible setting and is capable of dealing with multinational, multi-company,

multi-asset, multi-lingual, multi-distributor and multi-manufacturer environments.

The solution fully automates the entire financing/leasing

cycle for companies of any size, including those with multi-billion-dollar portfolios.

is built on cutting-edge, modern technology that enables auto, equipment and big-ticket finance companies

to run their retail and wholesale finance business with ease.

has been designed and developed for a highly flexible setting and is capable of dealing with multinational, multi-company, multi-asset,

multi-lingual, multi-distributor and multi-manufacturer environments.

The solution fully automates the entire financing/leasing cycle

for companies of any size, including those with multi-billion-dollar portfolios.

NFS Ascent ®

empowers financial institutions

to effectively manage their complex lending and leasing portfolios, enabling them to thrive in hyper-competitive global markets.

is built on cutting-edge, modern technology that enables auto, equipment and big-ticket finance companies, alongside

banks, to run their retail and wholesale finance business with ease.

With comprehensive domain coverage and powerful configuration engines,

it is architected to empower finance and leasing companies with a platform that supports their growth in terms of business volume

and transactions.

Company’s next generation platform offers a technologically advanced solution for the auto and equipment finance and leasing

it is architected to empower finance and leasing companies with a platform that supports their growth in terms of business volume and

transactions.

NETSOL’s

next generation platform offers a technologically advanced solution for the asset finance and leasing industry.

NFS Ascent’s ®

architecture and user interfaces were designed based on the Company’s collective

experience with global Fortune 500 companies over the past 40 years combined with UX design concepts.

The platform’s framework

allows auto captive and asset finance companies to rapidly transform legacy driven technology into a state-of-the-art IT and business

process environment.

architecture and user interfaces were designed based on NETSOL’s collective experience with blue chip organizations and global

Fortune 500 companies over the past 40 years combined with modern UX design concepts.

The platform’s framework allows auto captive

and asset finance companies to rapidly transform legacy driven technology into a state-of-the-art IT and business process environment.

the core of the NFS Ascent ®

platform is a lease accounting and contract processing engine, which allows for an

array of interest calculation methods, as well as robust accounting of multi-billion-dollar lease portfolios in compliance with

various regulatory standards.

platform is a lease accounting and contract processing engine, which allows for an array of

interest calculation methods, as well as robust accounting of multi-billion-dollar lease portfolios in compliance with various regulatory

NFS Ascent ®

, with its distributed and clustered deployment across parallel application

and high-volume data servers, enables finance companies to process voluminous data in a hyper speed environment.

Company’s premier solution has been developed using the latest tools and technologies and its n-tier SOA architecture allows

the system to greatly improve a myriad of areas including, but not limited to, scalability, performance, fault tolerance and security.

We believe NFS Ascent ®

in overall productivity throughout the delivery organization:

features of the integrated Business Process Manager, Workflow Engine and Business Rule Engine, will provide flexibility to

our clients allowing them to configure certain parts of the application themselves rather than requesting customization.

, with its distributed and clustered deployment across parallel application and high-volume data

servers, enables finance companies to process voluminous data in a hyper speed environment.

premier solution has been developed using the latest tools and technologies and its n-tier SOA architecture allows the system to greatly

improve a myriad of areas including, but not limited to, scalability, performance, fault tolerance and security.

NFS Ascent ®

platform and the SOA architecture allow us to develop portals and mobile applications quickly by

utilizing our existing services.

empowers users with:

Improvement in overall productivity throughout the delivery organization:

features of the integrated Business Process Manager, Workflow Engine, Business Rule Engine and Integration Hub provide flexibility

to our clients allowing them to configure certain parts of the application themselves rather than requesting customization.

NFS Ascent ®

platform and the SOA architecture allow us to develop portals and mobile applications quickly by utilizing

our existing services.

n-tier architecture allows us to intelligently distribute processing and eases application maintenance.

The loose coupling

between various modules and layers reduces the risk of regression in other parts of the system as a result of changes made

in one part of the system and follows proven and accepted SOA principles.

in talent acquisition and retention:

The loose coupling between

various modules and layers reduces the risk of regression in other parts of the system as a result of changes made in one part of

the system and follows proven and accepted SOA principles.

Improvement in talent acquisition and retention:

NFS Ascent ®

has been developed using the latest technologies and tools available in the market, it is helping

us in attracting and retaining top engineers.

customer satisfaction:

a result of the powerful NFS Ascent ®

platform and improvement in the talent pool, the quality of our deliverables

has increased.

has been developed using the latest technologies and tools available in the market, it is helping us in

attracting and retaining workforce equipped with the skills required to match our vision to strive for constant innovation.

Amplified customer satisfaction:

and NFS Digital empower not only the finance company and dealerships, but the end customer as well with self-service

digital tools allowing a seamless customer experience throughout the customer journey from origination till contract maturity.

CONSTITUENT APPLICATIONS

Point of Sale (Omni POS)

highly agile, easy-to-use, web-based application - also accessible through mobile devices - Ascent’s Omni POS system delivers

an intuitive user experience, with features that enable rapid data capture.

Information captured at the point of sale can be made

available to anyone in an organization at any point in the lifecycle of each transaction.

highly agile, easy-to-use, web-based application - also accessible through mobile devices - Ascent’s Omni POS system delivers an

intuitive user experience, with features that enable rapid data capture.

Information captured at the point of sale can be made available

to anyone in an organization at any point in the lifecycle of each transaction.

Management System (CMS)

Ascent’s

Contract Management System (CMS) is a powerful, highly agile, functionally rich application for managing and maintaining detailed

credit contracts throughout their lifecycle –

from pre-activation and activation through customer management, asset financial

management, billing and collections, finance and accounting, restructuring and maturity.

Contract Management System (CMS) is a powerful, highly agile, functionally rich application for managing and maintaining detailed credit

contracts throughout their lifecycle –

from pre-activation and activation through customer management, asset financial management,

billing and collections, finance and accounting, restructuring and maturity.

Finance System (WFS)

Ascent Wholesale Finance System (WFS) provides a powerful, seamless and efficient system for automating and managing the entire

lifecycle of wholesale finance.

Ascent Wholesale Finance System (WFS) provides a powerful, seamless and efficient system for automating and managing the entire lifecycle

of wholesale finance.

With floor planning, dealer and inventory financing, it is ideal for a culture of collaboration.

Dealers, distributors, partners and anyone in the supply chain are empowered to realize the benefits of financing –

leverage the advantages of real-time business intelligence.

Dealers, distributors,

partners and anyone in the supply chain are empowered to realize the benefits of financing –

and leverage the advantages of real-time

business intelligence.

The system also supports asset and non-asset-based financing.

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is a web-based solution that can be used in conjunction with WFS or any third-party wholesale finance system.

It addresses the

needs of dealer, distributor and auditor access in a wholesale financing arrangement.

Company’s premier, next generation solution NFS Ascent ®

is now also available on the Cloud at a SaaS/Subscription

based pricing.

With quick, seamless deployments and easy scalability, it is an extremely adaptive retail and wholesale platform

for the global finance and leasing industry.

It addresses the needs

of dealer, distributor, and auditor access in a wholesale financing arrangement.

deployed on the cloud

premier, next generation solution NFS Ascent ®

is now also available on the cloud via SaaS/subscription-based pricing.

With swift, seamless deployments and easy scalability, it is an extremely adaptive retail and wholesale platform for the global finance

and leasing industry.

This cloud-version of NFS Ascent ®

is offered via flexible, value-driven

subscription-based pricing options.

is offered via flexible, value-driven subscription-based pricing

options without the need to pay any upfront license fees.

Digital is a combination of our core strengths, domain, and technology.

Our insight into the evolving landscape along with our

valuable experience enables us to define sound digital transformation strategies and compliment them with smart digital solutions

so our customers always remain competitive and relevant to the dynamic environment.

Our digital transformation solutions are extremely

robust and can be used with or without our core, next-gen solution (NFS Ascent ®

) to effectively augment and enhance

our customer’s ecosystem.

Point of Sale

self-service POS portal allows customers to go through the complete buying and financing process online and on their mobile

devices including car configuration, generating quotations, and filling out applications.

powerful mAccount is a self-service mobile solution.

It empowers the dealer with a commanding backend system and allows the

customer to setup a secured account and view information 24/7 to keep track of contract status, reducing inbound calls for

customer queries and improving turnaround time for repayments.

Our insight into the evolving landscape along with our valuable

experience enables us to define sound digital transformation strategies and compliment them with smart digital solutions so our customers

always remain competitive and relevant to the dynamic environment.

Our digital transformation solutions are extremely robust and can

be used with or without our core, next-gen solution (NFS Ascent ®

) to effectively augment and enhance our customer’s

Self POS portal allows customers to go through the complete buying and financing process online and on their mobile devices including

car configuration, generating quotations, and filling out applications.

It is the ultimate origination application that enables users

to compare, select and configure an asset using a mobile device anywhere, at any time and submit an accompanying financial product

is a powerful, self-service mobile solution.

It empowers the dealer with a powerful backend system and allows the customer to setup

a secure account and view information 24/7 to keep track of contract status, resolve queries and make payments, reducing inbound

calls for customer queries and improving turnaround time for repayments.

Point of Sale

application mPOS is a web and mobile enabled platform featuring a customizable home screen dashboard along with multiple quotation,

application submission, work queues and detailed reporting to empower dealer networks in making the right decisions at the

right time, in turn optimizing productivity.

Platform mDealer provides more visibility and control over inventories –

mPOS application is a web and mobile-enabled platform featuring a customizable dashboard along with menu selling, application submission,

loan calculator, work queues and detailed reporting.

mPOS empowers the dealer to make the origination process quick and seamless,

increasing overall productivity and system-wide efficiency.

provides more visibility and control over inventories –

with minimal effort.

Dealers can view their

use of floor plan facility, stock status and financial conditions, while entering settlement requests or relocating assets.

mAuditor schedules visits, records audit exceptions and tracks assets for higher levels of transparency, in real time.

Dealers can view their use of floor plan facility,

stock status and financial conditions, while entering settlement requests or relocating assets.

schedules visits, records audit exceptions and tracks assets for higher levels of transparency.

It also enables the auditor to conduct

audits and submit results in real-time through quick audit processing tools, providing visibility and saving significant time.

empowers collections teams to do more, with an easy-to-use interface and intelligent architecture.

The tool exponentially

increases the productivity of field teams by enabling them to carry out all collection related tasks on the go.

The tool exponentially increases

the productivity of field teams by enabling them to carry out all collection related tasks on the go.

Field Investigator

using Mobile Field Investigator (mFI), the applicant has access to powerful features that permit detailed verification on

The application features a reporting dashboard that displays progress stats, action items and latest notifications,

enabling the client to achieve daily goals while tracking performance.

Mobility Orchestration System

is a subsidiary of NetSol Technologies, Inc.

and provides customer-friendly, business-to-business, white-label solutions for mobility.

Our suite of agile and configurable solutions includes a range of car-sharing and subscription products.

With just over 16 months

since its inception, Otoz’s team of 40 individuals from 7 nationalities has developed a product which has been benchmarked

by a partner company of Google in the UK.

Otoz has recorded strong interests from tier 1 auto-finance companies across the globe.

is a digital platform that helps automotive asset-holders (auto-manufacturers, auto-captives and fleet owners) and start-ups to

launch, orchestrate and scale mobility businesses.

Otoz platform is built on cutting-edge technology stack which comprises of

Cloud-Native Architecture, Microservices, Artificial Intelligence, Machine Learning, Blockchain, DevOps and APIs.

Otoz powerful

feature-set allows automotive asset-holders with the ability to orchestrate a range of car-share and vehicle subscription services.

The data-driven nature of platform empowers automotive asset-holders to maximize optimize and utilize mobility offerings.

enables customers to book car-share and subscribe to vehicles through its intuitive, digital, and easy to use interface.

driven architecture allows quick integration of ecosystem partners such as maintenance, roadside and offline jobs providers to

allow seamless operation of mobility services.

Salient features are:

provides white-label solutions to OEMs, captive finance companies and other fleet owners/operators to launch their own mobility

and personalized pricing:

Our suite of AI models can assess consumer price sensitivities and fuel data-driven models and maximize

conversion rates.

customer targeting and personalization:

Segmenting target customers and developing data-driven incentive structures will drive

Asset utilization:

Assets can be deployed across different mobility solutions, such as car sharing and car subscription to

maximize utilization.

(real-time tracking):

Otoz is a connected platform and IoT data is tracked in real time offering security and optimal asset

management to operators.

Accuracy of mileage, service data, accidents, trip data are efficiently tracked through blockchain, ensuring transparency

and supporting optimal asset management.

The automotive value chain can be managed via blockchain, for example, by using smart contracts to manage vehicle operations

safely and efficiently.

platform is built on the latest cloud-native architecture comprising of microservices, DevOps, containerization and continuous

delivery to ensure quick time to market and global scalability (multitenancy and multicurrency).

AI-driven chatbot ensures 24-hour availability of customer services.

Mobility Orchestration System Applications :

back-office consists of highly flexible and configurable modules that help manage and orchestrate mobility services.

These modules

Fleet Management, Trip Management, Communications Management, Notification Management, Payment Management, Member Management,

Promotions and Discounts, WorkQueue and Template Management.

In addition, Otoz back office provides insights related to market

intelligence, business KPIs and car-usage analytics.

The back-office modules are configured according to client’s requirement

and the module is white-labelled as well.

offers its customers with native iOS and Android mobile apps.

These apps serve as a channel to reach out to the end customers

and offer multi-services on a single app.

offers a complete digital platform on a web-based front-office application.

End customers of Otoz clients can visit the website

to attain mobility services such as car-share, car subscription and rentals.

offers its client an AI powered chatbot that offers customers the ability to book a vehicle for their mobility needs on the chatbot.

The chatbot is equipped with computer vision APIs that serve as a medium to verify customer’s documents.

Customers can pay

through the chatbot and ultimately complete the booking.

Otoz offers this chatbot as a white-label solution as well.

Intelligence Models

applications contain a suite of AI models that makes the digital platform truly data driven in nature.

Otoz has intelligence around,

pricing, customer retention and lifetime value, vehicle recommendations and customer segmentation.

These models work seamlessly

within the Otoz platform in harmony with other microservices.

Team Otoz is working on packaging these AI models in a way to sell

it independently to clients that requires only AI capability.

is a multi-service, multi-product platform comprising of various customer journeys such as car-share, car subscription, rentals,

airport transfers, digital retail and more.

Team Otoz has a product roadmap of building a Super App which will carry all services

and features in one package;

allowing our B2B customers to subscribe to different products on the go.

NFS Ascent ®

is designed to be a truly global solution ready for customization in any market, the Company has historically

provided products tailored to various markets.

As such, we offer the following additional regional products:

North America, NetSol Technologies Americas, Inc.

(NTA) has and continues to develop the LeasePak CMS product which is now tailored

to be an offering on the Microsoft Azure™

LeasePak streamlines the lease and loan management lifecycle, enabling

superior portfolio management, flexible financial products (lease or loan terms) and sophisticated financial analysis and management

to reduce operating costs, simplify accounting and improve profits.

It is scalable from a basic offering to a collection

of highly specialized add on modules for systems, portfolios and accounting methods for virtually all sizes and complexity of

It is the centerpiece of vehicle leasing infrastructure at leading Fortune 500 banks and Automotive Captives, as well

as for some of the industry’s leading independent lessors.

It handles every aspect of the lease or loan lifecycle, including

credit application origination, credit adjudication, pricing, documentation, booking, payments, customer service, collections,

midterm adjustments, and end-of-term options for asset disposition and remarketing.

also offers the LeasePak Software-as-a-Service (“SaaS”) business line, which provides high performance with a reduced

total cost of ownership.

SaaS offers a proven deployment option whereby customers only require access to the internet to use the

With an elastic cloud price, revenue stream predictability and improved return on investment for customers, management

believes that its SaaS customers will experience the performance, the reliability and the speed usually associated with a highly

scalable private cloud.

LeasePak-SaaS targets small and mid-sized leasing and finance companies.

addition to offering NFS Ascent ®

to the European market, NTE has some regional offerings, including:

a full lifecycle asset lease and finance system aimed predominantly at the UK and European funder market, including

modules to support web portals and an electronic data interchange manager to facilitate integration between funders and introducers.

similar to LeaseSoft, but optimized for the consumer loan market.

using Mobile Field Investigator (mFI), the applicant has access to powerful features that permit detailed verifications on the go.

The application features a reporting dashboard that displays progress stats, action items and the latest notifications, enabling

the client to achieve daily goals while tracking performance.

Digital Auto Retail

provides a white-labelled SaaS platform to OEMs, auto-captives,

dealers and start-ups that helps them launch short and long-term on-demand mobility models (car-share and car subscription) and digital

retail in minimum time.

white-label, turn-key platform helps dealers to make the move into digital era by offering an end-to-end car buying experience completely

auto-retail is not a one-size-fits-all.

Otoz TM will provide a flexible, configurable and scalable turn-key platform

that helps define, launch and scale a variety of retail products (finance, lease, buy, etc.).

Otoz TM platform will

empower dealers to compete in digital era by addressing a range of customer segments with varied needs.

Otoz TM powerful API-based architecture allows OEMs, auto-captives and dealerships to integrate with a plethora of providers

to offer an end-to-end Omni-channel digital car finance and lease experience.

Out-of-the-box

APIs by Otoz TM help dealers and auto-captives connect with ecosystem partners which are crucial for running their auto

retail business.

It includes, finance and insurance products, trade-in tools, fraud checks, CRM system, websites (Tier 1 –

3), marketing toolkit, inventory feeds, KYCs, payment processors, vehicle delivery providers etc.

addition, Otoz TM is equipped with smart lead generation and product analytics capabilities.

It empowers dealers with

the capability to convert qualified leads and never lose contact with customers.

The product analytics capability allows us to improve

the customer journey by addressing friction points, herein improving customer experience and conversions –

a win-win scenario for

dealers and customers.

fully digital, white label platform for lease, finance, and cash transactions that delivers a frictionless customer experience.

Otoz TM platform

consists of two portals:

management work queue

roles and rights

delivery scheduling

and insurance products feed and prioritization

/ add-on management and association

fee management

vehicles via cash, finance and lease

delivery and pick-up scheduling

finance and insurance products

checks (paperless)

options and finance and insurance products

application and decision

contracts and e-signing

IMPLEMENTATION

implementation process of our products can span from three to eighteen months depending upon the complexity and scope.

The implementation

process may also include related software services such as configuration, data migration, training, gaps development and any other

additional third-party interfaces.

implementation process of our products can span from nine to eighteen months depending upon the methodology, complexity and scope.

implementation process may also include related software services such as configuration, data migration, training, gaps development and

any other additional third-party interfaces.

Even after implementation, customers seek enhancements and additions to improve their business

NETSOL charges these efforts in a man-day rate.

implementation, NETSOL consultants may remain at the client site to assist the customer in smooth operations.

After this phase,

the regular maintenance and support services phase for the implemented software begins.

In addition to the daily rate paid by

the customer for each consultant, the customer also pays for all the transportation related expenses, boarding of the consultants,

and a living allowance.

NETSOL’s involvement in all the above steps is priced to bring value to our customers and increase

our profitability from our interactions.

We charge these efforts in a man-day rate.

implementation, our consultants may remain at the client site to assist the customer in smooth operations.

After this phase, the regular

maintenance and support services phase for the implemented software begins.

In addition to the daily rate paid by the customer for each

consultant, the customer also pays for all transportation-related expenses, boarding of the consultants, and a living allowance.

involvement in all the above steps is priced to bring value to our customers and increase our profitability.

Cloud-enabled

NFS Ascent ®

solutions are offered via seamless and rapid deployments.

The swift speed of implementations for our

cloud ready products enables businesses to be more responsive and attain a competitive advantage.

The swift speed of implementations for our cloud-ready products enables businesses

to be more responsive and attain a competitive advantage.

AND REVENUE STREAMS

Company’s revenue streams occur through the following three main areas:

company’s revenue streams are the outcome of the following four main areas:

Subscription-based

Implementation

related services

and support related services

fees in a single market can vary based on relatively low cost for a simple SaaS arrangement to a multi-million-dollar fee for

multiple module implementations.

and customization-related services

contract support-related services

fees can range to a multi-million-dollar fee for single or multiple module implementations.

License revenue is realized with traditional,

non-SaaS-based agreements, whereas SaaS-based agreements do not contain license fees and are offered via flexible, value-driven, subscription-based

There are various attributes which determine the level of complexity, a few of which are:

of contracts;

number of contracts;

size of the portfolio;

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number of business users;

amount of customization required;

amount of customization

complexity of data migration and branch network of the customer.

Company recognizes revenue from license contracts when the software has been delivered to the customer.

Implementation related

services, including configuration, data migration and third-party interfaces are recognized as the services are performed.

and support related services are then provided on a continued basis.

The annual maintenance fee, which typically is an agreed

upon percentage of overall monetary value of the license, then becomes an ongoing revenue stream realized on a yearly basis.

from software services includes fixed price and time and materials-based contracts and is recognized as the services are performed.

recognize revenue from license contracts when the software has been delivered to the customer.

Implementation-related services, including

configuration, data migration and third-party interfaces are recognized as the services are performed.

Post customer support services

are then provided on a continued basis.

The annual support fee, which typically is an agreed upon percentage of overall monetary value

of the license, then becomes an ongoing revenue stream realized on a yearly basis.

Revenue from software services includes fixed price

and time and materials-based contracts and is recognized as the services are performed.

Additionally,

in order to avoid lumpiness in its revenues and to ensure a predictable revenue base over coming years, the business has shifted

to a new pricing strategy whereby the business is now offering its cloud ready products at SaaS/subscription-based pricing models.

Rapid deployments coupled with affordable prices/payment schedules is expected to lead the business towards volume-based selling.

Moreover, this value-driven pricing plan is intended to decrease the initial buy-in cost for new customers by eliminating heavy

license fees and provides an alternative to current customers seeking lower software usage and maintenance costs.

in order to avoid lumpiness in our revenues and to ensure a predictable revenue base over coming years, the business has shifted to a

new pricing strategy whereby the business is now offering its cloud-ready products at SaaS/subscription-based pricing models.

Rapid deployments

coupled with affordable prices/payment schedules is expected to lead the business towards volume-based selling.

Moreover, this value-driven

pricing plan is intended to decrease the initial buy-in cost for new customers by eliminating heavy license fees and provides an alternative

to current customers seeking lower software usage and maintenance costs.

South East Asia Pte.

(“DSEA”), (through the regional office Daimler Financial Services (“DFS”) Africa

Asia Pacific), has established a “Centre of Competence”

(“CoC”) in Singapore to facilitate the regional

companies in product related matters.

(“DSEA”), (through the regional office Daimler Financial Services (“DFS”) Africa Asia

Pacific), has established a “Centre of Competence”

(“CoC”) in Singapore to facilitate the regional companies

in product related matters.

The DSEA CoC is powered by highly qualified technical and business personnel.

In conjunction

with our Asia Pacific region, the CoC supports DFS companies in twelve different countries in Asia and Africa and this list can

increase as more DFS companies from other countries opt for NFS Ascent ®

In July 2004, the Company entered into

a Frame Agreement with DFS for the Asia Pacific and Africa region.

This agreement was renewed in 2008, 2010, 2013 and most recently

in January 2016.

The agreement serves as a guideline for managing the business relationship with DFS and the use of licensed products

of the company by DFS and its affiliated companies.

has strategic partnerships with Microsoft and CGI pertaining to cloud-hosting activities for the Company’s cloud-based products.

NETSOL hosts its cloud version of Ascent, NFS Ascent ®

on the Cloud and LeasePak Cloud - SaaS in the high performance

and cost-effective Microsoft Azure cloud environment.

A quick start implementation program combined with hassle-free Microsoft

cloud connectivity ensures new clients see a time-to-value faster than ever before.

and CGI agreed to promote each other for their respective products and services amongst their respective existing customers across

various regions.

NETSOL also utilizes CGI for managed services and cloud hosting related activities for NETSOL’s engagements

with their customers in Europe particularly.

Company is a Microsoft Certified Silver Partner and an Oracle Certified Partner.

management continues its optimism that the Company will experience ever increasing opportunities for its product and services

offerings in 2020 and beyond.

The objective of the Company’s marketing program is to create and sustain preference and loyalty

Marketing is performed at the corporate and business unit levels.

The corporate marketing department has overall responsibility

for communications, advertising, public relations and the website.

In addition, corporate marketing oversees central marketing

and communications programs for use by each of the business units.

dedicated marketing personnel, within the regions, undertake a variety of marketing activities, including sponsoring focused client

events to demonstrate our skills and products, sponsoring and participating in targeted conferences and holding private briefings

with individual companies.

We believe that the industry focus of our sales professionals and our business unit marketing personnel

enhances their knowledge and expertise in these industries and will generate additional client engagements.

provides its services primarily to clients in global commercial industries.

In the global commercial area, the Company’s

service offerings are marketed to clients in a wide array of industries including, automotive, software, banks, higher education

and financial services.

Asian continent, including Australia and New Zealand, from the perspective of marketing, are targeted by the Asia Pacific Region

from its Bangkok, Beijing, Jakarta, Lahore, Shanghai and Sydney facilities.

The marketing for our core offerings in the Americas

and Europe is carried out from our Los Angeles Area and London Metropolitan Area offices, respectively.

Company believes it has developed a strong corporate culture that is critical to its success.

Its key values are delivering world-class

quality software, client-focused timely delivery, leadership, long-term relationships, creativity, openness and transparency and

professional growth.

The services provided by NETSOL require proficiency in many fields, such as software engineering, project

management, business analysis, technical writing, sales and marketing, and communication and presentation skills.

In conjunction with our Asia

Pacific region, the CoC supports DFS companies in twelve different countries in Asia and Africa and this list can increase as more DFS

companies from other countries opt for NFS Ascent ®

In July 2004, the company entered into a Frame Agreement with DFS

for the Asia Pacific and Africa region.

This agreement was renewed in 2008, 2010, 2013 and most recently in January 2016.

The agreement

serves as a guideline for managing the business relationship with DFS and the use of licensed products of the company by DFS and its

affiliated companies.

have strategic partnerships with Microsoft and CGI pertaining to cloud-hosting activities for our cloud-based products.

its cloud version of Ascent, NFS Ascent ®

deployed on the cloud and LeasePak Cloud - SaaS in the high performance and cost-effective

Microsoft Azure cloud environment.

A quick start implementation program combined with hassle-free Microsoft Azure™

cloud connectivity

ensures new clients see a time-to-value faster than ever before.

and CGI agreed to promote each other for their respective products and services amongst their respective existing customers across various

We also utilize CGI for managed services and cloud hosting-related activities for our engagements with their customers in Europe

particularly.

are a Microsoft Certified Silver Partner and an Oracle Certified Partner.

continue our optimism that we will experience ever increasing opportunities for our product and services offerings in 2021 and beyond.

The objective of our marketing program is to create and sustain preference and loyalty for NETSOL.

Marketing is performed at the corporate

and business unit levels.

The corporate marketing department has overall responsibility for communications, advertising, public relations

and management of all digital owned and paid mediums including website, social media channels and collaboration with industry partners.

In addition, corporate marketing oversees central marketing and communications programs for use by each of the business units.

dedicated marketing personnel, within the regions, undertake a variety of marketing activities, including sponsoring focused client events

to demonstrate our skills and products and participating in targeted conferences, webinars and holding private briefings with individual

We believe that the industry focus of our sales professionals and our business unit marketing personnel enhances their knowledge

and expertise in these industries and will generate additional client engagements.

PROSPECTS FOR NFS ASCENT ®

prospects for NFS Ascent ®

are linked to the constant innovation in the product and its growing customer base across different

geographic and product markets.

NETSOL is eyeing key international markets for growth in sales.

Its sales strategy not only focuses on

expansion into new geographic markets, including the Americas, Europe, and further penetration of our leading position in Asia Pacific,

but also within existing markets into new verticals with targeting of Tier 2 and Tier 3 prospects as well.

in North America is expected to come from the potential market for replacement of legacy systems as well as acquisition of new customers.

NFS Ascent ®

is aimed at providing a highly flexible and robust solution based on the latest technology and advanced architecture

for North American customers looking to replace their legacy systems.

We believe that NFS Ascent ®

can provide substantial

competitive disruption to the market’s lagging technology provided by incumbent vendors.

The existing customer base may also represent

latent demand for increased service and support revenues by offering business process optimization, customization and upgrade services.

With a market ready product with successful implementation, the prospects for NFS Ascent ®

in the region are positive.

traction in Europe will come from NFS Ascent ®

deployed on the cloud, which will continue to allow the Europe division

to support not only larger organizations, but also small and medium sized organizations including startups.

in NETSOL’s traditionally strong base in Asia Pacific is expected through diversification across market segments to include new

customers in related banking and commercial lending areas.

At the same time, the existing customer base is tapped for increased service

and support revenues by offering enhanced features and new solutions to emerging customer needs.

In addition, there is a potential for

NFS Ascent ®

in Asia Pacific in the form of existing customers who are looking for replacement of their current system.

China, NETSOL is a leader in the leasing and finance enterprise solution domain.

With this position, NETSOL continues to enjoy demand

for the current NFS™

solution, as well as NFS Ascent ®

NETSOL will continue strengthening its position within existing

multinational auto manufacturers, as well as local Chinese captive finance and leasing companies.

provide our services primarily to clients in global commercial industries.

In the global commercial area, our service offerings are marketed

to clients in a wide array of industries including, automotive, software, banks, higher education and financial services.

Asian continent, including Australia and New Zealand, from the perspective of marketing, are targeted by the Asia Pacific Region from

its Bangkok, Beijing, Jakarta, Lahore, Shanghai and Sydney facilities.

The marketing for our core offerings in the Americas and Europe

is carried out from our Los Angeles Area and London Metropolitan Area offices, respectively.

believe we have developed a strong corporate culture that is critical to our success.

Our key values are delivering world-class quality

software, client-focused timely delivery, leadership, long-term relationships, creativity, openness and transparency and professional

The services provided by NETSOL require proficiency in many fields, such as software engineering, project management, business

analysis, technical writing, sales and marketing, and communication and presentation skills.

to the growing demand for our core offerings and IT services, retention of technical and management personnel is essential.

employee turnover was under 10% in 2020 with a goal to maintain the turnover level under 10% during the 2021 fiscal year and onwards.

In addition, we are committed to improving key performance indicators such as efficiency, productivity and revenue per employee.

turnover was under 20% in 2021 with a goal to maintain the turnover level under 20% during the 2022 fiscal year and onwards.

we are committed to improving key performance indicators such as efficiency, productivity and revenue per employee.

encourage all employees to build on our core values, we reward teamwork and promote individuals that demonstrate these values.

We believe that our growth and success are attributable in large part to the high caliber of our employees and our commitment

to maintain the values on which our success has been based.

that our growth and success are attributable in large part to the high caliber of our employees and our commitment to maintain the values

on which our success has been based.

We support gender diversity on a global basis.

NETSOL is an equal

opportunity employer with the largest concentration of female employees in Lahore, Pakistan and our U.S.

We are an equal opportunity employer with the largest

concentration of female employees in Lahore, Pakistan and our U.S.

headquarters.

believes it should give back to the community and employees as much as possible.

Certain of our subsidiaries are located in regions

Certain subsidiaries of ours are located in regions

where basic services are not readily available.

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but also the standard of living in these regions.

Examples of such programs are:

Examples of such programs are as follows:

We are all aware of the devastation that can be wrought by natural disasters.

NETSOL has historically supported earthquake

and flood relief where the need is the greatest.

Launched to educate our illiterate employees, the main objective of this program is to enable these employees to

acquire basic reading, writing and arithmetic skills.

We have historically supported earthquake and

flood relief where the need is the greatest.

Launched to educate our illiterate employees, the main objective of this program is to enable these employees to acquire

basic reading, writing and arithmetic skills.

Education and Science and Research Institutions:

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to NUST, Forman Christian College, and a few other universities who are focused on science and engineering.

A noble cause fund has been established to meet medical and education expenses of the children of low paid employees.

NETSOL employees voluntarily contribute a fixed amount every month to the fund and the Company matches the employee subscriptions

with an equivalent contribution amount.

A portion of this fund is also utilized to support social needs of certain institutions

and individuals, outside NETSOL.

A noble cause fund has been established to meet medical and education expenses of the children of the lower paid employees.

Our employees voluntarily contribute a fixed amount every month to the fund and NETSOL matches the employee subscriptions with an

equivalent contribution amount.

A portion of this fund is also utilized to support social needs of certain institutions and individuals,

outside of NETSOL.

Care Facility:

NETSOL’s human resources are its key assets and thus the Company takes numerous steps to ensure the provision

of basic comforts to its employees.

NETSOL’s human resources are its key assets and thus we take numerous steps to ensure the provision of basic

comforts to our employees.

In Pakistan, the provision of outside pre-school childcare is a rarity.

With this in mind,

a children’s day care facility has been created near NETSOL’s offices providing employees with peace of mind knowing

their children are nearby and being taken care of by qualified staff in a child friendly facility.

Due to COVID-19 restrictions,

the facility is temporarily closed.

With this in mind, a children’s

day care facility has been created near NETSOL’s offices providing employees with peace of mind knowing their children are

nearby and being taken care of by qualified staff in a child friendly facility.

Due to COVID-19 restrictions, the facility is temporarily

Health Care Program:

In addition to the comprehensive outpatient and in-patient medical benefits, preventive health care has

also been introduced.

In addition to the comprehensive out-patient and in-patient medical benefits, preventive health care has also

been introduced.

This phased program focuses on vaccination of our employees against such diseases as Hepatitis –

A/B, Tetanus, Typhoid and Flu on a routine basis.

A/B, Tetanus,

Typhoid and Flu on a routine basis.

is significant competition for employees with the skills required to perform the services we offer.

The Company runs an elaborate

training program for different cadre of employees to cover technical skills and business domain knowledge, as well as communication,

management and leadership skills.

The Company believes that it has been successful in its efforts to attract and retain the highest

level of talent available, in part because of the emphasis on core values, training and professional growth.

We intend to continue

to recruit, hire and promote employees who share our vision.

We run an elaborate training program

for different cadres of employees to cover technical skills and business domain knowledge, as well as communication, management and leadership

We believe that we have been successful in our efforts to attract and retain the highest level of talent available, in part because

of the emphasis on core values, training and professional growth.

We intend to continue to recruit, hire and promote employees who share

of June 30, 2021, we had approximately 1,447 employees;

comprised of 80% software engineers, programmers, project managers, quality

assurance, sales, pre-sales, business development, dedicated employees to core NFS and NFS Ascent ®

and 20% non-IT

personnel, and 140 plus employees supporting the regional offerings as well as IT consulting and services.

None of our employees

are subject to a collective bargaining agreement.

a single company, nor a small number of companies, dominate the IT market in the space in which the Company competes.

A substantial

number of companies offer services that overlap and are competitive with those offered by NETSOL.

Some of these are large computer

manufacturers and computer consulting firms that have greater financial resources than NETSOL and, in some cases, may have greater

capacity to perform services similar to those provided by NETSOL.

compete chiefly against leading suppliers of IT solutions to the global asset finance and leasing industry, including names such

as White Clarke Group, Alfa, Cassiopae, LineData, FIS, International Decision Systems (IDS) and Data Scan.

the IT based business services areas, we compete with both smaller local firms and many global IT services providers, including

names such as Wipro, InfoSys, Satyam Infoway, HCL and TCS (Tata Consulting).

competes in a niche space which has seen growth in the competition recently.

Mature players include RideCell, Invers and Vulog

that have been around for more than 7 years.

These players dominate the market share in the US, Europe and India.

Recently, new

players have emerged which includes Wunder Mobility and M-Tribes that are focused towards micromobility and delivery-based services.

Otoz competes with these companies over shared mobility offerings which includes P2P car-share, daily rentals, station-based car-share

and free-float car-share.

Otoz does not compete with the aforementioned players on fleet management hardware.

Lastly, Otoz also

offers vehicle subscription SaaS platform for which it competes with Clutch Technologies.

comprised of 77% technical staff and 23% non-IT personnel.

a single company, nor a small number of companies, dominate the IT market in the space in which we compete.

A substantial number of companies

offer services that overlap and are competitive with those offered by NETSOL.

Some of these are large computer manufacturers and computer

consulting firms that have greater financial resources than NETSOL and, in some cases, may have greater capacity to perform services

similar to those provided by NETSOL.

compete chiefly against leading suppliers of IT solutions to the global asset finance and leasing industry, including names such as White

Clarke Group, Alfa, Cassiopae, LineData, FIS, International Decision Systems (IDS) and Data Scan.

the IT-based business services areas, we compete with both smaller local firms and many global IT services providers, including names

such as Wipro, InfoSys, Satyam Infoway, HCL and TCS (Tata Consulting).

NETSOL’s

solutions and services cater to a broad spectrum of finance and leasing businesses, from automotive captive finance companies

to equipment finance and leasing companies to large regional banks.

solutions and services cater to a broad spectrum of finance and leasing businesses, from automotive captive finance companies to equipment

finance and leasing companies to large regional banks.

NETSOL’s

customers include world renowned auto manufacturers through their finance arms.

NETSOL is a strategic business partner for Daimler

and BMW (which consists of a group of many companies in different countries), which accounts for approximately 26.4% and

15.8% of our revenue for our fiscal year ended June 30, 2020, respectively.

Other globally renowned auto captives that are customers

of the Company include Toyota, Nissan, Ford, and FIAT.

customers of the Company include equipment finance and leasing companies and banks worldwide.

NETSOL is a strategic business partner for Daimler and

BMW (which consists of a group of many companies in different countries), which accounts for approximately 21.0% and 13.0%, respectively,

of our revenue for our fiscal year ended June 30, 2021.

Other globally renowned auto captives that are customers of the company include

Toyota, Nissan, Ford, and FIAT.

customers of the company include equipment finance and leasing companies and banks worldwide such as GAC Sofinco, Paccar, Mololease,

SCI, and BMO Harris, etc.

OPERATIONS AND GEOGRAPHIC DATA

Company divides its operations into three regions:

divides its operations into three regions:

the Americas, Europe and Asia Pacific.

The regions consist of individual subsidiaries

which operate as autonomous companies and are strategically managed on a regional basis.

The regions consist of individual subsidiaries which

operate as autonomous companies and are strategically managed on a regional basis.

Peter Minshall joined NetSol Technologies Americas, Inc.

(NTA) as executive Vice President in August 2020 and is responsible for

the entire portion of NTA’s business operations.

He brings over three decades of international experience in the financial

services industry holding various senior leadership roles with Daimler Financial Services.

Peter continues to be supported by

Doug Jones as Vice President - Operations for NTA.

Doug is a visionary, focused, and driven technology leader credited

with shaping team performance to deliver best-in-class, leading web-based and embedded software applications for the finance and

leasing industry.

CEO and Founder, Mr.

Naeem Ghauri is based out of NetSol Thai offices located in Bangkok, Thailand.

Co-founder and Chief Product

Officer, Murad Baig is based out of NetSol London office.

Co-founder and Chief Strategy Officer, Heidi Bauer is based out of the

where she leads global business development and sales.

(NTA) as Executive Vice President in August 2020 and is responsible for the

entire portion of NTA’s business operations.

He brings over three decades of international experience in the financial services

industry holding various senior leadership roles with Daimler Financial Services.

Peter continues to be supported by Doug Jones as Vice

President - Operations for NTA.

Doug is a visionary, focused, and driven technology leader credited with shaping team performance to

deliver best-in-class, leading web-based and embedded software applications for the finance and leasing industry.

CEO and Co-founder, Mr.

Naeem Ghauri, also recently appointed

as NETSOL’s President for the parent group NetSol Technologies, Inc., is based out of our Pakistan office in Lahore, Pakistan.

Otoz TM Co-founder and Chief Product Officer, Murad Baig is based out of our London office.

Asad Ghauri is the President of Asia Pacific (APAC) and Group Managing Director of Europe.

Ghauri has a long history of experience

in the Company, including a tenure as a board of director member, and vast experience in leading our APAC unit.

We believe this

experience will be utilized to lead growth in Europe.

to the demand for the Company’s premier solution NFS Ascent’s ®

Wholesale Platform in Europe, the Company

appointed Chris Mobley as Head of NFS Ascent ®

Ghauri has a strong management team

comprised of Chris Mobley, Chris Tobey and Johannes Riedl.

to the demand for our premier solution NFS Ascent’s ®

Wholesale Platform in Europe, we appointed Chris Mobley as

Head of NFS Ascent ®

Wholesale Operations in Europe.

Mobley brings over two decades of

industry experience to NETSOL with an accomplished background and domain-specific knowledge and expertise within the wholesale

finance space.

the starting of the previous financial year, NETSOL acquired the remaining stake in Virtual Lease Services (VLS), a UK-based portfolio

and risk management servicing partner for business and consumer finance providers.

By acquiring the remaining stake, NETSOL became

the outright owner of the organization.

is led by Ms.

Louise Ikonomides.

As Managing Director and founding shareholder of VLS, Ms.

Ikonomides has been with VLS since

its inception in 1999.

Mobley brings over two decades of industry experience to NETSOL with

an accomplished background and domain-specific knowledge and expertise within the wholesale finance space.

the starting of the previous financial year, NETSOL acquired the remaining stake in Virtual Lease Services (VLS) rebranded as Banking

Previously limited to being a UK-based portfolio and risk management servicing partner for business and consumer finance providers,

Banking Works will now focus on supporting financial services businesses to achieve their own transformation ambitions.

the remaining stake, NETSOL became the outright owner of the organization.

Banking Works recently announced the appointment of Mark

Cawood, an industry veteran, as the company’s new Managing Director.

Mark Cawood will pick up the baton passed by Louise Ikonomides,

who left Banking Works after over 20 years to pursue new ventures.

Cawood is going through the Financial Conduct Authority’s

approval process, Diane Roberts, Finance Director, will serve as the interim Managing Director.

Pacific Region

Technologies, Ltd., (“NETSOL PK”) a majority owned subsidiary of the parent company is located in Lahore, Pakistan

and is headed by Mr.

Technologies, Ltd., (“NetSol PK”) a majority owned subsidiary of the parent company is located in Lahore, Pakistan and is

headed by Mr.

Salim Ghauri as its CEO.

Ghauri is a Co-founder of NetSol PK and has been with the company since 1996.

NETSOL PK is the “Center of Excellence”

and state of the art facility for programming, R&D, global implementations

and 24-hour support to our customers worldwide.

Beijing entity is headed by Mr.

Hui Liang as President.

A two-decade long veteran of the tech industry, Liang brings his vast

expertise to the Company.

He has previously worked at Abeam Consulting, a Japanese consulting company specializing in enterprise

solutions in a vast range of industries as well as for IBM Japan.

NetSol is the

“Center of Excellence”

and a state-of-the-art facility for programming, R&D, global implementations and 24-hour support

to our customers worldwide.

Technologies (Beijing) Co.

(“NetSol Beijing”) is headed by Amanda Li as President.

Li previously worked as a managing

director for Sopra Banking Software where she was instrumental in developing business and driving sales.

Global Sales Division is headed by Mr.

Asad Ghauri as President of Sales from the NETSOL Lahore office.

Ghauri has been with

NETSOL since 2000 and has over 20 years of experience in business and IT.

Asia Pacific region including Australia/New Zealand and the Middle East, is supported and clients serviced from the APAC region

offices located in Sydney, Beijing, Shanghai, Bangkok, Indonesia, Lahore and Karachi.

While Lahore, Pakistan continues to be a

nucleus of the Company’s delivery and research and development, Bangkok’s expanded sales operation and client relations

facility has grown into a back-up to the Lahore facility.

With the continued growth of the Chinese market, our Beijing office

continues to expand as both a sales and support facility.

Finally, the Asia Pacific region maintains and will establish offices

through the region as is necessary to support its customers and to explore potential new markets.

Asad Ghauri as President of Sales from the NetSol PK office.

Ghauri has been with NETSOL since

2000 and has over 20 years of experience in business and IT.

Asia Pacific region including Australia/New Zealand and the Middle East, is supported and clients are serviced from the APAC region offices

located in Sydney, Beijing, Shanghai, Bangkok, Indonesia, Lahore and Karachi.

While Lahore, Pakistan continues to be a nucleus of NETSOL’s

delivery and research and development, Bangkok’s expanded sales operation and client relations facility has grown into a back-up

to the Lahore facility.

With the continued growth of the Chinese market, our Beijing office continues to expand as both a sales and support

Finally, the Asia Pacific region maintains and will establish offices through the region as is necessary to support its customers

and to explore potential new markets.

APAC Region accounted for approximately 72.7% of our revenues in 2021.

Information regarding financial data by geographic areas

is set forth in Item 7 and Item 8 of this Annual Report on form 10-K.

See note 21 of Notes to Consolidated Financial Statements

under Item 8.

Company relies upon a combination of nondisclosure and other contractual arrangements, as well as common law trade secret, copyright

Information regarding financial data by geographic areas is set

forth in Item 7 and Item 8 of this Annual Report on form 10-K.

See note 21 of Notes to Consolidated Financial Statements under Item 8.

Company relies upon a combination of non-disclosure and other contractual arrangements, as well as common law trade secret, copyright

and trademark laws to protect its proprietary rights.

The Company enters into confidentiality agreements with its employees, generally

requires its consultants and clients to enter into these agreements, and limits access to and distribution of its proprietary

requires its consultants and clients to enter into these agreements, and limits access to and distribution of its proprietary information.

The NETSOL “N”

logo and name, as well as the NFS logo and product name have been copyrighted and trademark

registered in Pakistan.

logo and name, as well as the NFS logo and product name have been copyrighted and trademark registered in

The NETSOL “N”

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NFS Ascent ®

has been registered with the U.S.

been registered with the U.S.

Patent and Trademark Office.

The Company intends to trademark and copyright its intellectual

property as necessary and in the appropriate jurisdictions.

The Company intends to trademark and copyright its intellectual property

as necessary and in the appropriate jurisdictions.

APPROVAL AND REGULATION

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Like all companies, including those with multinational subsidiaries,

we are subject to the laws of the countries in which the Company maintains subsidiaries and conducts operations.

Pakistani law

allows a tax exemption on income from exports of IT services and products up to 2025.

While foreign based companies may invest

in Pakistan, repatriation of their investment, in the form of dividends or other methods, requires approval of the State Bank

we are subject to the laws of the countries in which we maintain subsidiaries and conduct operations.

Pakistani law allows a tax exemption

on income from exports of IT services and products up to 2025.

While foreign based companies may invest in Pakistan, repatriation of

their investment, in the form of dividends or other methods, requires approval of the State Bank of Pakistan.

website is located at www.netsoltech.com , and our investor relations website is located at http://ir.netsoltech.com .

The following filings are available through our investor relations website after we file with the SEC:

Annual Reports on Form

10-K, Quarterly Reports on Form 10-Q, and our Proxy Statements for our annual meetings of stockholders.

These filings are also

available for download free of charge on our investor relations website.

We also provide a link to the section of the SEC’s

website at www.sec.gov that has all of our public filings, including Annual Reports on Form 10-K, Quarterly Reports on

Form 10-Q, Current Reports on Form 8-K, all amendments to those reports, our Proxy Statements and other ownership related filings.

Further, a copy of this Annual Report on Form 10-K is located at the SEC’s Public Reference Room at 100 F Street, NE, Washington

Information on the operation of the Public Reference Room can be obtained by calling the SEC at 1-800-SEC-0330.

webcast our earnings calls and certain events we participate in or host with members of the investment community on our investor

relations website.

Additionally, we provide notifications of news or announcements regarding our financial performance, including

SEC filings, investor events, press and earnings releases, and blogs as part of our investor relations website.

Investors and

others can receive notifications of new information posted on our investor relations website by signing up for e-mail alerts.

Further corporate governance information, including our committee charters and code of conduct, is also available on our investor

relations website at http://ir.netsoltech.com/governance-docs .

The content of our websites is not intended to be incorporated

by reference into this Annual Report on Form 10-K or in any other report or document we file with the SEC, and any references

to our websites are intended to be inactive textual references only.

following filings are available through our investor relations website after we file with the SEC:

Annual Reports on Form 10-K, Quarterly

Reports on Form 10-Q, and our Proxy Statements for our annual meetings of stockholders.

These filings are also available for download

free of charge on our investor relations website.

We also provide a link to the section of the SEC’s website at www.sec.gov

that has all of our public filings, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form

8-K, all amendments to those reports, our Proxy Statements and other ownership related filings.

Further, a copy of this Annual Report

on Form 10-K is located at the SEC’s Public Reference Room at 100 F Street, NE, Washington D.C.

Information on the operation

of the Public Reference Room can be obtained by calling the SEC at 1-800-SEC-0330.

webcast our earnings calls and certain events we participate in or host with members of the investment community on our investor relations

Additionally, we provide notifications of news or announcements regarding our financial performance, including SEC filings,

investor events, press and earnings releases, and blogs as part of our investor relations website.

Investors and others can receive notifications

of new information posted on our investor relations website by signing up for e-mail alerts.

Further corporate governance information,

including our committee charters and code of conduct, is also available on our investor relations website at http://ir.netsoltech.com/governance-docs .

The content of our websites is not intended to be incorporated by reference into this Annual Report on Form 10-K or in any other report

or document we file with the SEC, and any references to our websites are intended to be inactive textual references only.

1A - RISK FACTORS

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business