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