What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2022-09-27 compared with 2021-09-28 · 264 added, 253 removed, 284 unchanged (65% of the section changed)

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processes, facilitating faster processing and increased transactions.

NETSOL’s

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.

under the brand name NFS Ascent ® to 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

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

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

through their captive finance companies (“auto captives”), unrelated automotive finance companies (“non-captives”),

equipment finance and leasing companies, and banks.

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:

Metropolitan Area, Horsham

Karachi, Bangkok, Beijing, Shanghai, Jakarta and Sydney

NETSOL follows a global strategy for sales and delivery of its portfolio of

solutions and services through its offices in the following locations:

Metropolitan Area, Horsham, Flintshire

Karachi, Bangkok, Beijing, Shanghai, Tianjin, Jakarta and Sydney

Business Model

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

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

and mature global marketplace.

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satisfaction of our clients.

Taken together, this “selling and attentive servicing”

approach creates a distinctive advantage

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.

of affordable pricing through effective cost arbitrage, subject matter expertise, domain experience, scalability and proximity with its

global and regional customers.

our specialization in the leasing and financing space, we have gained a strong foothold in several global locations and a market leading

position in the auto equipment 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

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is still nascent per Western standards.

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

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

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

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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.

This has not only helped us strengthen our customer relationships but also build 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.

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consulting and services

development and implementation

services and software process improvement consulting

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Technology/start-up

label digital retailing for auto-captives

labelled digital retailing for auto-captives

global operation is broken down into three regions:

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All of the subsidiaries are seamlessly integrated

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

to function effectively with global delivery capabilities, cross selling to multinational asset finance companies, leveraging of the 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.

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

PRODUCTS AND SERVICES

the complete finance and leasing cycle starting from quotation origination through contract settlements, 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.

NFS Ascent ® empowers financial institutions to effectively

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

Ascent ® 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.

NETSOL’s

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

and transactions.

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 NETSOL’s collective experience with blue chip organizations and global

NFS Ascent’s ®

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

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

NFS Ascent ®

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

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.

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

NFS Ascent ®

empowers users with:

Improvement in overall productivity throughout the delivery organization:

in overall productivity within 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

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

our existing services.

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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 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

customer satisfaction:

Ascent ® 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 through contract maturity.

ASCENT ® 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.

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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,

contracts throughout their lifecycle – from pre-activation and activation through customer management, asset financial management,

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

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Dealers, distributors,

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

and leverage the advantages of real-time

partners and anyone in the supply chain are empowered to realize the benefits of financing – and leverage the advantages of real-time

business intelligence.

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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 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

Ascent ® deployed on the cloud

premier, next generation solution NFS Ascent ® is also available on the cloud.

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 without the need to pay any upfront

license fees.

Clients further benefit from a rapid deployment process and the ability to scale on demand.

is the pioneer in the global finance and leasing industry providing a full suite of digital transformation solutions.

NFS Digital is

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

Our insight into the evolving landscape together with our valuable experience

led us to define sound digital transformation strategies and compliment them with smart digital solutions so that 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.

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

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increasing overall productivity and system-wide efficiency.

provides more visibility and control over inventories –

with minimal effort.

provides more visibility and control over inventories – with minimal effort.

Dealers can view their use of floor plan facility,

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Field Investigator

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

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

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 and Mobility Orchestration

provides a white-label SaaS platform to OEMs, finance companies, dealers, and start-ups that enables short and long-term on-demand

mobility models (subscriptions, rental and car-sharing) and digital retail.

turn-key platform helps automotive companies make a move into the digital era, addressing a range of customer segments with evolving

needs by offering them a seamless, omni-channel, end-to-end car buying and usage experience.

It enables both direct-to-consumer transactions

as well as traditional dealer models with the option to add peer-to-peer market place functionalities for the future of EV pay-per-use

and mobility orchestration.

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:

Otoz TM offers a flexible, configurable, and scalable platform along with a proven

launch strategy framework for auto companies that intend to launch and grow digital retail and mobility businesses quickly and seamlessly.

is built on state-of-the-art technology, offering open Application Programming Interfaces, (“APIs”) and ecosystem partner

integrations that are crucial to digital retail and mobility operations including finance and insurance providers, trade-in tools, KYC

and fraud detection tools, CRM systems, website providers (Tier 1 – Tier 3), marketing toolkits, inventory feeds, pricing engines,

payment processors, an insurance marketplace and vehicle delivery logistics providers.

addition, Otoz TM is equipped with intelligent lead generation and product analytics capabilities, empowering dealerships with

the tools to track customer journeys, personalize customer engagements, and convert qualified leads.

fully digital, white-label platform for digital auto retail and mobility orchestration that delivers an intuitive and elegant user experience.

platform consists of two portals:

management work queue

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and insurance products feed and prioritization

/ add-on management and association

Accessories/add-on

management and association

fee management

vehicles via cash, finance and lease

delivery and pick-up scheduling

search and selection

builder and personalized pricing for purchase, lease, finance, subscription, and rentals

finance and insurance products

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contracts and e-signing

delivery and pick-up scheduling

is a newly developed, API-based, ready-to-use calculation engine.

It is a pure play SaaS product that is cloud-based and can be integrated

seamlessly into an organization’s products, services and ecosystem.

Our calculation engine intelligently adapts to demand by monitoring

usage to maintain reliable and predictable performance at desired costs.

It is a one-stop solution that guarantees precise calculations

at all stages of the contract lifecycle through various calculation types.

is a comprehensive solution which creates an ecosystem of value across multiple functions, systems and industries to fuel growth and

propel businesses into the future by increasing delivery efficiency and product management, centralization through a connected ecosystem

resulting in a higher ROI and a larger market share.

proves versatility by covering all the calculation aspects ranging from the pricing for the end customer at inception, in-life financial

modifications, the re-creation of the repayment plan, termination, amortizations/re-amortizations, among other calculation types.

the calculations are parameter-driven, which helps perform simple, multi-dimensional, or complex calculations based on the needs.

is also offering professional services to organizations in different regions in order to enable them to meet their business objectives.

These services primarily consist of technical consultancy, web development, app development, digital marketing, cloud services, outsourcing

and co-sourcing.

to its professional services offerings, NETSOL’s highly skilled and experienced professionals include skilled software programmers,

well-versed business analysists, competent quality assurance engineers, technical and solution architects, project managers, cloud native

developers and architects, mobile/web app developers and automation specialists.

enable businesses to employ the industry’s best talent to help them develop and refine their technology strategy, innovate, execute

their roadmap and optimize service quality.

We have been expanding our footprint in the cloud services domain by offering services to the AWS community.

We aim for our cloud

services to be well recognized, expanding our reach to relevant prospects.

Since AWS is the most comprehensive and highly adopted cloud

offering, we are leveraging its power to ensure lower costs, increased agility, a secure environment, and innovative solutions across

AWS customer offerings include:

analytics, data pipeline and big data services;

application modernization services;

database migration

and modernization;

development operations;

managed services;

and, information security services.

dedicated team has been working with great enthusiasm under the leadership of Dr.

Ali Ahmed, Chief Data Scientist at NETSOL, to develop

artificial intelligence and machine learning solutions.

With experience in Machine Learning, Scientific Computing and Computer Vision,

Ahmed has extensive experience in developing and implementing algorithms for industrial solutions in predictive maintenance.

is a new service offering from NETSOL and by deploying AI solutions and leveraging cutting-edge technologies, we enable clients to optimize

production, decrease downtime and provide a holistic view of their business processes.

IMPLEMENTATION

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

implementation process of our products can span from three to fifteen 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

We charge these efforts in a man-day rate.

Even after implementation, customers constantly seek enhancements and additions to improve

their business processes and have changing requirements addressed at mutually agreed rates.

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.

maintenance and support services phase for the implemented software begins in exchange for agreed subscriptions or support fees.

to the daily rate paid by the customer for each consultant engaged, the customer also pays for all visa and transportation-related expenses,

boarding of the consultants, and a living allowance.

Our involvement in all the above steps is suitably priced to bring value to our

customers and increase our profitability.

Cloud-enabled

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AND REVENUE STREAMS

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

Subscription-based

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and customization-related services

contract support-related services

implementation, support-related services

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

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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:

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

number of contracts;

size of the portfolio;

of the portfolio;

business strategy of the customer;

internal business processes followed by the customer;

number of business users;

amount of customization

number of business

amount of customization required;

complexity of data migration and branch network of the customer.

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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.

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

implementation 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 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.

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

Rapid deployments

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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.

pricing plan is intended to decrease the initial buy-in cost for new customers by eliminating heavy license fees, reduce the sales cycles

and provide 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

(“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.

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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 ®

companies from other countries opt for NFS Ascent ® .

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

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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

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

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.

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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

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.

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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 North America and Europe 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 and European 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.

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

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.

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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.

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 ®

for the current NFS™ solution, as well as NFS Ascent ® .

NETSOL will continue strengthening its position within existing

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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.

to clients in a wide array of industries including, automotive, banks and other financial lending service companies.

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.

our Bangkok, Beijing, Jakarta, Lahore, Shanghai, Tianjin 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 and Horsham 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.

solutions, client-focused timely delivery, leadership, long-term relationships, creativity, transparency and professional growth.

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

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

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

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.

turnover was under 16.04 % in

2022 with a goal to maintain the turnover level under 18% during the 2023 fiscal year and

In addition, 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.

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

Certain subsidiaries of ours are located in regions

Certain subsidiaries of NETSOL are located in regions

where basic services are not readily available.

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Examples of such programs are as follows:

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

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.

Launched to educate children of our unskilled staff, the main objective of this program is to enable them to acquire basic reading,

writing and arithmetic skills.

Education and Science and Research Institutions:

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Care Facility:

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

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.

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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.

This phased program focuses on vaccination of our employees against such diseases as Hepatitis – A/B, Tetanus,

Typhoid, Flu and COVID-19 on a routine basis.

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

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comprised of 80.4 % technical staff and 19.6 % non-IT personnel .

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

No company dominates 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

compete chiefly against leading suppliers of IT solutions to the global asset finance and leasing industry, including, but not limited

to, 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, but not

limited to, Wipro, InfoSys, Satyam Infoway, HCL and TCS (Tata Consulting).

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.

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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.

customers include equipment finance and leasing companies and banks worldwide.

Some of these clients include Motorcycle Group, SCI Lease

Corp, Maple Commercial Finance and Yamaha Motor Finance.

OPERATIONS AND GEOGRAPHIC DATA

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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.

Peter Minshall, Executive Vice President at NetSol Technologies Americas, Inc.

(NTA) is responsible for the entire portion of NTA’s

business operations.

He brings 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.

Peter is also supported by James Freto, who serves as Vice President

– Sales for NTA.

Prior to his appointment, Freto had been working for Fortune 500 financial product and services provider FIS as

a Senior Sales Executive, selling origination and credit assessment solutions to mid to large-size financial institutions in the banking

and asset finance segments.

Freto brings directly applicable sales experience and subject matter expertise in key NETSOL markets.

augment the AWS team, in the United States, Rajnish Harjika serves as VP Technology, Cloud Services and Mark Timm serves as Senior Vice

President of Cloud Services.

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.

Naeem Ghauri, was also recently appointed as Chairman for NETSOL Technologies Pakistan and is also NETSOL’s

President for the parent company NetSol Technologies, Inc.

He is based in our Lahore, Pakistan office.

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

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) 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.

Ghauri has a strong management team in

comprising of Chris Mobley and Chris Tobey.

had previously acquired the remaining stake in Virtual Lease Services (VLS) - rebranded as Banking Works.

Previously limited to being

a UK-based portfolio and risk management servicing partner for business and consumer finance providers, Banking Works focuses on supporting

financial services businesses to achieve their own transformation ambitions.

Mark Cawood, an industry veteran, is the Managing Director,

while Diane Roberts serves as Director Finance.

Pacific Region

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

headed by Mr.

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

NetSol is the

“Center of Excellence”

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

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.

She has previous experience

working for NETSOL as well.

Indonesia’s Country Head is Withoon Hardat.

During his 12 years as NETSOL, before taking charge of the Indonesia office, he has

served as Client Partner for the Thailand office as well as Director for Business Development for APAC.

Managing Director for NetSol Technologies Australia is Farooq Ghauri.

He has played a vital role in the NETSOL’s global success

through his hands-on leadership and unrelenting drive to meet the needs of NETSOL’s growing client base.

Since he joined the company

Ghauri has worked in NETSOL’s Pakistan, China, Australia, Thailand and U.S.

Global Sales Division is headed by Mr.

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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.

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, Tianjin, Bangkok, Indonesia, Lahore and Karachi.

Pakistan continues to be a nucleus of

NETSOL’s delivery and research and development.

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.

APAC Region accounted for approximately 75.1% of our revenues in 2022.

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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 information.

The NETSOL “N”

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

The NETSOL “N”

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.

NETSOL 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 information.

The NETSOL “N”

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

The NETSOL “N”

logo has been registered with the U.S.

Patent and Trademark Office.

NFS Ascent ®

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.

NFS Ascent ® has been registered with the U.S.

and Trademark Office.

The Company intends to trademark and copyright its intellectual property as necessary and in the appropriate jurisdictions.

APPROVAL AND REGULATION

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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

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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

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1A - RISK FACTORS

UNRESOLVED STAFF COMMENTS

1B – UNRESOLVED STAFF COMMENTS

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