What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2024-09-30 compared with 2023-09-22 · 331 added, 413 removed, 176 unchanged (81% of the section changed)

Technologies, Inc.

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.

is a global leader in delivering state-of-the-art solutions for the asset finance and leasing industry, serving automotive and equipment

OEMs and financial institutions across over 30 countries.

Since its inception in 1996, NETSOL has been at the cutting edge of technology,

pioneering innovations with its asset finance solutions and leveraging advanced AI and cloud services to meet the complex needs of the

global market.

Renowned for its deep industry expertise, customer-centric approach and commitment to excellence, NETSOL fosters strong

partnerships with its clients, ensuring their success in an ever-evolving landscape.

With a rich history of innovation, ethical business

practices and a focus on sustainability, NETSOL is dedicated to empowering businesses worldwide, securing its position as the trusted

partner for leading firms around the globe.

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

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

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.

to leading businesses in the global finance and leasing space.

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

equipment finance and leasing companies and banks - All of which are serviced by NETSOL’s strategically placed support and delivery

locations around the globe.

2 unchanged sentences

and services through its offices in the following locations:

Encino, California and Austin, Texas

Metropolitan Area, Horsham, Flintshire

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

North America

Encino, California and Austin,

London and Horsham

Sydney, Bangkok, Beijing,

Tianjin, Jakarta, Lahore, Islamabad and Karachi

Business Model

believe 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.

Our solutions are bolstered by our people.

We believe 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 us and a unique value for our customers.

We continue to underpin our proven and effective business model which is a combination of

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

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.

We have 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 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.

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

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

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

specializes in providing scalable and customizable technology solutions primarily to the global asset finance and leasing industry.

value proposition lies in delivering innovative technologies that enhance operational efficiency and productivity.

The Company also provides

a range of services that are not limited to the financial services industry.

We reach our customers through a combination of direct sales

efforts, strategic partnerships with associations as well as via a robust online presence.

Company generates its core revenue from the following primary sources:

(1) software licenses, (2) services, which include implementation

and consulting services, and (3) subscription and support, which includes post contract support, of its enterprise software solutions

for the finance and leasing industry.

The Company offers its solutions using the same underlying technology via two models:

a traditional

on-premises licensing model and a subscription model.

on-premises model involves the sale or license of software on a perpetual basis to customers who take possession of the software and

install and maintain the software on their own hardware.

Under the subscription delivery model, the Company provides access to its software

on a hosted basis as a service and customers generally do not have the contractual right to take possession of the software or solution(s).

expertise in enterprise technology and financial application development has helped us emerge as a global player in the finance and leasing

industry and enabled us to 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

as per Western standards.

our rich history of innovation, NETSOL is a dynamic leader and has been able to accumulate a wealth of experience in the global asset

finance and leasing industry.

We have built a large knowledge base which is regularly refined and updated to ensure the most up-to-date

best practices and business solutions for the benefit of our clients and partners.

We have a strong presence in the captive asset-finance

We have had continual operations for over two decades in Asia Pacific and Europe and over four decades in North America.

with Global and Regional Customers

2 unchanged sentences

Simultaneously,

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

This approach has

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

we are able to extend services and support development through a combination of onsite and offsite resources.

This 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 employ

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

consulting and services

development and implementation

services and software process improvement consulting

and support of existing systems

Technology/start-up

labelled digital retailing for auto-captives

global operation is broken down into three regions:

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

IT Consulting and Services

Solutions Development and Implementation

Business Intelligence

Cloud Solutions

Outsourcing Services and Software Process Improvement

Maintenance and Support of Existing Systems

Project Management

Information Security

Data Engineering

global operations are broken down into three primary 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 of the

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

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

customers and partners.

PRODUCTS AND SERVICES

the complete finance and leasing cycle starting from quotation origination through contract settlements, NFS Ascent ® is

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

the complete finance and leasing lifecycle starting from quotation origination through contract settlements, our products are designed

and developed for highly flexible settings and are 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 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

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

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.

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.

empowers users with:

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

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.

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)

Our solutions empower financial institutions to effectively manage their complex

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

on cutting-edge, modern technology, our products enable auto, equipment and big-ticket finance companies, alongside banks and other financial

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

our solutions for end-to-end asset finance and leasing, we also offer a digital retail and mobility platform as well as out-of-the-box,

API-first products designed specifically for the global financial services industry.

Omni 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

2 unchanged sentences

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

Management System (CMS)

Point of Sale (Self POS)

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 application.

Point of Sale (mPOS)

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.

Contract Management System (CMS)

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

1 unchanged sentence

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

Finance System (WFS)

Account (mAccount)

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.

Collector (mCollector)

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.

Field Investigator (mFI)

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

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.

Wholesale Finance System (WFS)

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

5 unchanged sentences

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

Auditor Access System (DAAS)

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.

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

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

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.

Dealer (mDealer)

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

1 unchanged sentence

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

Auditor (mAuditor)

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

1 unchanged sentence

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.

Field Investigator

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 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, tax engine, payment

processors, an insurance marketplace and vehicle delivery logistics providers.

RETAIL AND MOBILITY

Otoz TM Platform

Otoz TM provides

white-label and turn-key SaaS solutions to OEMs, finance companies, dealers, and start-ups.

The platform enables digital

retail, as well as short and long-term on-demand mobility models (subscriptions, rental and car-sharing).

Otoz TM Ecosystem

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,

tax engine, payment processors, an insurance marketplace and 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,

both online and offline.

Otoz TM Digital

platform helps OEMs and dealers move into the digital era, addressing a range of customer segments with evolving

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

Digital retail is not

a one-size-fits-all.

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

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

The platform’s

seamless handling of complex tax rules and contract management processes are compliant with local and state standards for jurisdictions

it operates in across the U.S.

Otoz TM Mobility

Orchestration

expands into a comprehensive in-life subscription and rental platform that empowers in-life and end-of-life management of such

The platform’s seamless handling of complex tax rules and contract management processes are compliant with local and

state standards for jurisdictions it operates in across the U.S.

platform consists of two portals:

management work queue

roles and rights

delivery scheduling

and insurance products feed and prioritization

Accessories/add-on

management and association

fee management

search and selection

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

Dealer-Customer-Chat

finance and insurance products including collision & liability insurance via integrated provider marketplaces

checks (paperless)

options and finance and insurance products

application and decision

contracts and e-signing

delivery and pick-up scheduling

introduced AppexNow - the first marketplace for API-first products specifically for the global credit, finance and leasing industry.

Two products have been launched under the umbrella of the AppexNow marketplace until now i.e.

Flex and Hubex.

NETSOL will introduce and

launch further products and services under this marketplace in the future.

first product offering from the AppexNow marketplace, Flex is an 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.

The 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.

It enables both direct-to-consumer transactions with the option to add peer-to-peer marketplace functionalities for the future

of electric vehicle pay-per-use and mobility orchestration.

Otoz TM platform is built on Appex Now™’s API-first, headless, architecture allowing for modularity, flexibility,

and scalability.

Features are offered in modules or bundles depending on the use case.

FINANCE SOLUTIONS

Appex Now™ marketplace of API-first products was built for the global credit, finance and leasing industry.

These out-of-the-box

solutions allow financial institutions to connect, configure and innovate without disrupting the existing architecture of their originations

and servicing solution.

is an API-first, ready-to-use calculation and quotation engine.

It is a one-stop solution that guarantees precise calculations at all

stages of the contract lifecycle through various calculation types.

All the calculations are parameter-driven, which helps perform simple,

multi-dimensional or complex calculations based on the needs of a business.

Flex™ has a lightning-fast onboarding process, which

can take place in mere minutes.

is an API library that enables companies to standardize all their API integration procedures across multiple API services through a single

Hubex is NETSOL’s second product offering from the AppexNow marketplace following Flex.

addition to traditional lending companies, Hubex can also streamline the operations of dealerships, vendors and consultants through an

With a ready-to-use service, Hubex makes it easy for businesses to seamlessly connect with multiple APIs and achieve their

desired outcomes.

Pre-integrated services in the Hubex library include, but are not limited to, payment processing, bank account authentication,

finance and insurance products, fraud check, KYC service, driver license verification, address validation, vehicle valuation and notification

offers 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 our professional services offerings, our 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.

have expanded 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 all domains.

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 is 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, Dr.

Ahmed has extensive experience

in developing and implementing algorithms for industrial solutions in predictive maintenance.

AI team seeks to deploy AI solutions leveraging cutting-edge technologies to enable clients to optimize production, decrease downtime

and provide a holistic view of their business processes.

In addition to traditional lending companies, Hubex™ can also streamline the operations of dealerships, vendors and

With a ready-to-use service, Hubex™ makes it easy for businesses to seamlessly connect with multiple APIs and achieve

their desired outcomes.

Pre-integrated services in the Hubex™ library include, but are not limited to, payment processing, bank

account authentication, finance and insurance products, fraud check, know your customer (KYC) service, driver license verification, address

validation, vehicle valuation and notification service.

is a cloud-based parameter storage that smoothly runs all of a company’s core lending operations.

It is an accumulation of all

the master setups, including asset catalog and inventory, programs, rates, and profiles for lenders, dealers and multiple partners, in

one centralized location for all business types.

Index can enhance delivery efficiency and program management for easy integration into

is an advanced document generation tool that lets a company create accurate and professional-looking documents in just seconds.

Dock’s template-based configuration, a company can set up placeholders for data, essentially simplifying the document creation

process and reducing the chance of human error.

Its API-first architecture ensures scalability, making it capable of handling any document

generation task, from single documents to millions, with ease.

offers a feature-rich, end-to-end order management system for asset leasing & loans and credit companies.

Our platform covers all

aspects, from conducting end-to-end sales to performing dealer and partner-related tasks and marketing-related activities.

offers a variety of dashboards that provide vital information for dealers and partners while enabling quick order management and providing

a way for users to record and submit a complete credit application for their clients.

a single, unified API for real-time VAT, GST, sales and use tax rates, and other taxes globally, our tax engine provides accurate tax

calculations.

T-Rate™’s tax engine maintains up-to-date tax rules and rates for each region while supporting the data and

reporting required for tax compliance.

It drastically reduces the risk of audit penalties and tax operation inefficiencies.

weave a robust strategy where small and medium sized businesses and enterprises can fortify their defenses through comprehensive monitoring,

analysis, and reporting.

Solutions and Talent Partnership

digital technology partners, we foster innovation and agility, equipping businesses across industries with unparalleled talent, unlocking

their organization’s potential and propelling their projects forward at an unmatched speed.

ML and Data Analytics

leverages the power of artificial intelligence (AI), machine learning (MI) and data analytics, transforming data into actionable insights,

assisting organizations in making smarter decisions, predicting future trends, automating tedious tasks and customizing the user experience.

NETSOL, we specialize in harnessing the transformative power of Generative AI to drive innovative solutions and powerful outcomes for

Whether it’s creating personalized customer experiences or optimizing complex processes, we deliver solutions that

align with an organization’s goals.

infusing AI into policies and strategies, we enable businesses to gain deeper insights, automate tedious tasks and make data-driven decisions,

propelling their infrastructure forward.

With our robust policy and strategy consulting services, we enable businesses to achieve long-term

develops modern applications that leverage emerging technologies like AI, blockchain, IoT, digital twin, and Web 3.0.

proudly partner with both AWS (Amazon Web Services) and Microsoft Azure to deliver cutting-edge cloud solutions tailored to the needs

of our customers.

We leverage our expertise and the power of Azure and AWS to provide a range of cloud solutions and services.

offers services for data engineering, extracting data from various platforms while leveraging intelligent cataloging through trust testing

and deployment and accelerating data efforts with the AL and ML partnership.

IMPLEMENTATION

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.

implementation process of our finance and leasing software can span up to fifteen months depending upon the methodology, complexity and

The 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 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.

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

After this phase, the regular

2 unchanged sentences

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.

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

and increase our profitability.

Cloud-enabled

2 unchanged sentences

to be more responsive and attain a competitive advantage.

For example, our API-first, SaaS products can be integrated into a customer’s

ecosystem within mere minutes.

AND REVENUE STREAMS

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

Subscription-based

Implementation

and customization-related services

implementation, support-related services

revenue streams are the outcome of the following four main areas:

Product licensing

Subscription-based pricing

Implementation and customization-related

Post implementation, support-related

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

2 unchanged sentences

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

number of contracts;

of the portfolio;

business strategy of the customer;

internal business processes followed by the customer;

number of business

amount of customization required;

complexity of data migration and branch network of the customer.

number of contracts, size

of the portfolio, IT budgets, business strategy of the customer, internal business processes followed by the customer, number of business

users, amount of customization required, the complexity of data migration and branch network of the customer.

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

1 unchanged sentence

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.

Post-implementation

support services are then provided on a continued basis.

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

value of the license, then becomes an ongoing revenue stream realized yearly.

Revenue from software services includes fixed price and

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

Additionally,

20 unchanged sentences

affiliated companies.

have a partnership with Microsoft to provide cloud-hosting activities for our cloud-based products.

NETSOL hosts 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.

utilizes Microsoft Azure™ to host our cloud versions of Ascent® and LeasePak Cloud - SaaS, benefiting from Azure’s high

performance and cost-effectiveness.

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.

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

For Amazon Web Services (“AWS”), we are a Select

Tier Partner, a Well Architected Partner and a Solution Provider under their AWS Partner Programs and Cloud Formation Delivery Service,

Lambda Delivery Service and API Gateway Delivery Service under AWS Service Delivery.

continue our optimism that we will experience ever increasing opportunities for our product and services offerings in fiscal year 2024

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

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.

We are eyeing key international markets for growth in sales.

Our 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.

NETSOL is an AWS Advanced Tier Services Partner, a Business

Accredited Partner, a Technical Accredited Partner, a Cloud Economics Accredited Partner, an AWS Lambda Delivery Partner, an AWS CloudFormation

Delivery Partner, an AWS Amazon API Gateway Delivery Partner, an AWS Well-Architected Partner, an AWS Solution Provider Partner and an

AWS Amazon EC2 for Windows Server Delivery Partner.

remain optimistic about the growing opportunities ahead for our products and services throughout fiscal year 2024 and beyond.

marketing activities aim to establish and maintain a strong preference and loyalty for NETSOL and its offerings for the financial services

industry and beyond.

Marketing activities are conducted both at the corporate and business unit levels.

The global marketing department

oversees all communication, advertising, public relations and manages all digital platforms, including the Company’s website, social

media channels and partnerships within the industry.

part of our lead-generation activities, our regional representatives represent NETSOL as the company sponsors, exhibits at and attends

annual industry-leading conferences, seminars, summits and other events.

The company maintains its presence at these events to demonstrate

our product and service offerings and for important networking purposes.

NETSOL also takes part in webinars, podcasts and holds private

briefings with associations and individual companies.

the end of the previous calendar year, NETSOL appointed Erik Wagner as its Chief Marketing Officer (CMO).

This strategic move underscores

NETSOL’s commitment to bolstering its global marketing initiatives and driving further growth in its specialized sectors.

brings a wealth of experience, with over 17 years in the marketing field at growth-oriented companies.

are eyeing key international markets for growth in sales for NETSOL’s products and services.

Our 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 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 implementations, 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.

Our finance and leasing platform 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.

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 implementations, 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 European division

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

Currently, in the United Kingdom, a number of

banks and other financial institutions have opted for our API-first, SaaS-based products that are offered via subscription-based pricing

and swift deployments.

We foresee growth opportunities for our Appex Now products in other regions as well.

in our traditionally strong base in Asia Pacific is expected through diversification across market segments to include new customers

4 unchanged sentences

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

China, we are a leader in the leasing and finance enterprise solution domain.

With this position, we continue to enjoy demand for the

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

We 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, banks and other financial lending service companies.

In China, we are a leader

in the auto finance enterprise solution domain.

We will continue strengthening our position within existing multinational auto manufacturers,

as well as local Chinese captive finance and leasing companies.

It is pertinent to mention that these Chinese automakers are growing

rapidly outside of the country, and that our solutions assist them in this growth.

Our sales strategy focuses on supporting Chinese manufacturers

in expanding their presence in the EU and other regions of APAC.

believe our digital retail platform presents significant growth opportunities in the evolving digital marketplace.

While the company’s

digital retail platform, Otoz, is currently used by major customers in the United States, it will continue to grow in other markets as

our products, we also foresee demand for our professional and cloud services that empower our clients to excel in the competitive global

deliver our comprehensive suite of technology solutions and services across all major markets worldwide, positioning ourselves as a leading

provider in the financial services, and particularly, the global asset finance and leasing sector.

Leveraging our extensive global footprint,

we offer scalable and innovative solutions tailored to meet the unique needs of clients in diverse geographic regions.

Our strategic

presence in key markets enables us to effectively address local regulations and market dynamics, thereby enhancing customer satisfaction

and fostering long-term partnerships.

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

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 Austin, Texas and our London Metropolitan Area and Horsham offices, respectively.

strong corporate culture is critical to our success.

Our key values are delivering world-class quality solutions, client-focused timely

delivery, leadership, long-term relationships, creativity, transparency and professional growth.

The 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 quality, proven technical and management personnel is essential.

Our employee turnover rate was approximately 19% in

2023 with a goal to maintain the turnover rate under 21% during the 2024 fiscal year and

The turnover rates include employees leaving either voluntarily or involuntarily.

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.

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 diversity on a global basis.

We are an equal opportunity employer with the largest concentration

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

headquarters.

our Bangkok, Beijing, Tianjin, Jakarta, Sydney and Lahore facilities.

The marketing for our core offerings in the Americas and Europe

is carried out from our Austin, Texas, Encino, California and our London Metropolitan Area and Horsham offices, respectively.

believe that our growth and success are attributable in large part to the high caliber of our global team and our commitment to maintain

the values on which our success has been based.

We support gender diversity on a global basis.

We are an equal opportunity employer with

a large workforce, promoting a culture of diversity and inclusion.

stands as a beacon of innovation, excellence and dedication to customer success.

We value transparency and integrity, ensuring that honesty

guides our interactions.

We are renowned for innovation, expertise and a customer-centric approach.

believe we should give back to the community and employees as much as possible.

4 unchanged sentences

Examples of such programs are as follows:

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:

Literacy Program:

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.

Higher Education and Science and Research Institutions:

In order to support higher education in Pakistan, we have contributed endowments

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 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:

Noble Cause Fund:

A noble cause fund has been established to meet medical and education expenses of the children of our 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

Day Care Facility:

Our human resources are our key assets and thus we take numerous steps to ensure the provision of basic comforts to

1 unchanged sentence

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 office in Lahore, Pakistan 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.

Health Care Program:

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, Flu and COVID-19 on a routine basis.

With this in mind, a children’s day care

facility has been created near NETSOL’s office in Lahore, Pakistan providing employees with peace of mind knowing their children

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

The day care facility was temporarily closed due

to COVID-19, but is now in the process of reopening.

Preventative Health Care Program:

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, Flu and COVID-19 on a routine basis.

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

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

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

We believe we have been successful in our efforts to attract and retain the highest level of talent available, partly 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, 2023, we had approximately 1,770 employees ;

comprised of 76% technical staff and 24% non-IT personnel .

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.

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

to, Solifi, 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).

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

Some of NETSOL’s

main competitors for its finance and leasing software include Alfa, Constellation Financial Software, FIS Global, Leasepath, LTI Technology

Solutions, Odessa, Solifi, Soft4 and Sopra Banking Software.

The company’s competitors for digital retail include Tekion and CDK

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

7 unchanged sentences

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.

Some of these clients include AutoNation, Bank of Hawaii,

MINI Financial Services, BMO Harris, First Hawaiian Leasing, Genpact, SCI Leasecorp, Aldermore, Allica Bank, Investec, Close Brothers,

Haydock Finance, Charles and Dean, Maple Commercial Finance, among many others.

OPERATIONS AND GEOGRAPHIC DATA

divides its operations into three regions:

divides its operations into three primary 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, Executive Vice President at NetSol Technologies Americas, Inc.

2 unchanged sentences

Financial Services.

Peter continues to be supported by Doug Jones as Vice President - Operations for NTA.

Doug is a 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.

is also supported by James Freto, who serves as Vice President – Sales for NTA.

Prior to his appointment, Freto worked 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.

is further supported by Jay Edwards, who serves as Vice President Sales and Wholesale Product Manager for NetSol Technologies, Inc.

is a dynamic experienced fintech business leader with a highly successful track record in the information technology and financial services

industry, with a focus on digital transformation.

He possesses strong professional skills in Business Development, Account Management,

IT Operations, eCommerce and Business Process Outsourcing.

augment the AWS team, in the United States, Rajnish Harjika serves as VP Technology, Cloud Services.

CEO and Co-founder, Mr.

Naeem Ghauri, was recently appointed as Chairman for NetSol Technologies, Ltd., (“NetSol PK”)

and is also the President of 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 in

headed by Darryll Lewis who has served as Managing Director of NetSol Technologies Europe since May 2023.

North American region accounted for approximately 9.7% of our revenue in 2024.

by Darryll Lewis who has served as Managing Director of NetSol Technologies Europe Ltd., (NTE) since May 2023.

With over twenty years

2 unchanged sentences

of driving business growth and creating innovative solutions for clients.

Prior to joining NETSOL, Mr.

Lewis has held executive roles

at several leading asset finance software companies where he led teams responsible for developing and implementing successful software

Lewis is supported by a seasoned team in finance, IT and client services.

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 of Finance.

European region accounted for approximately 19.5% of our revenue in 2024.

Pacific Region

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

a state-of-the-art facility for programming, R&D, global implementations and 24-hour support to our customers worldwide.

NETSOL PK is seen as the ‘Center

of Excellence’ and a state-of-the-art facility for programming, R&D, global implementations and 24-hour support to our customers

Technologies (Beijing) Co.

2 unchanged sentences

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

Prior to Sopra Banking Software,

Li was Vice President of NetSol Beijing.

Head of Indonesia is Withoon Hardat.

During his 12 years at NETSOL, before taking charge of the Indonesia office, he served as Client

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

He also serves as the Head of Thailand.

recently serving as the Managing Director of NetSol Technologies Australia and New Zealand, Farooq Ghauri has newly been appointed as

Head of Sales for all Asian Markets (excluding China).

He has played a vital role in 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 in 2004, Mr.

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

Ghauri serves as Head of Sales for all Asian Markets (excluding China).

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

his hands-on leadership and unrelenting drive to meet the needs of NETSOL’s growing client base since 2004.

Global Sales Division is headed by Mr.

2 unchanged sentences

2000 and has over 23 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, 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 67.8% of our revenues in 2023.

APAC region accounted for approximately 70.8% of our revenue in 2024.

Information regarding financial data by geographic areas is set

20 unchanged sentences

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.

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

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

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

16 unchanged sentences

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.

including our committee charters and code of conduct, is also available on our investor relations website at https://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.

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