NETSOL Technologies Provides Updates on COVID-19 Impact and Response - Seite 2

Management Commentary
“As an international organization, we have seen the impact of the COVID-19 global pandemic from multiple angles and constituencies,” said Najeeb Ghauri, NETSOL Co-Founder, Chairman and Chief Executive Officer. “Because of our substantial operations in the APAC region, we were able to realize the importance of proactively responding to the virus outbreak to ensure for the health and safety of our employees worldwide. For the past month-plus period, we’ve been able to effectively work from home and maintain our same level of service upon which we pride ourselves.

“Unfortunately, the global economic slowdown has had an impact on our operations, which will continue to have a pronounced effect for the foreseeable future. To address these issues, we have moved swiftly and decisively in reducing our costs in a number of non-core areas and have also elected to take salary reductions in the near-term. Our prudent fiscal approach over the last few years has also resulted in a substantial cash position for NETSOL, which gives us additional support going forward.

“While COVID-19 has also impacted our ability to travel and meet face-to-face with prospects, our teams are still very busy in conducting virtual demos, presentations and negotiations. In the unpredictable environment we currently find ourselves, there have been understandable delays in decision making from potential new customers, both for our flagship NFS Ascent and Otoz.

“However, the early recovery signs we’ve seen through our China operations are highly encouraging, and we hope to see a similar response globally through the major ‘flattening-the-curve’ efforts that remain ongoing. Looking ahead, we are monitoring all aspects of our global operations. As a digital-first and SaaS-focused organization, we are also constantly evaluating innovative and flexible ways to manage our cost structures without impacting the delivery and implementations of projects in all markets.”

NETSOL plans to report its complete financial results for the fiscal third quarter, including a comprehensive discussion around the COVID-19 impact, in May. The conference call details will be announced prior to the call.

About NETSOL Technologies
NETSOL Technologies, Inc. (Nasdaq: NTWK) is a worldwide provider of IT and enterprise software solutions primarily serving the global leasing and finance industry. The Company’s suite of applications is backed by 40 years of domain expertise and supported by a committed team of more than 1300 professionals placed in eight strategically located support and delivery centers throughout the world. NFS, LeasePak, LeaseSoft or NFS Ascent – help companies transform their Finance and Leasing operations, providing a fully automated asset-based finance solution covering the complete leasing and finance lifecycle.