IT-related: NetSol wins UK company contract
Will get shareholding in foreign company against its services instead of cash
The contract is worth $2.8 million from eeGeo Inc. PHOTO: netsolpk.com
KARACHI:
NetSol Technologies has won a contract worth $2.8 million from a UK-based gaming and 3D mapping company, eeGeo Inc, according to a bourse filing on Wednesday.
“NetSol Technologies Limited has signed a ‘collaboration agreement’ to provide technology services to eeGeo Inc. - a Delaware corporation,” NetSol Company Secretary Boo-Ali Siddiqui said in a notification to the Pakistan Stock Exchange (PSX).
EeGeo Inc. is a software technology company. Its cloud-based, SaaS platform has its origins in the gaming industry that uses big data to create beautiful, geo-spatially accurate renditions of cities, countries and continents to create a fast and fun, interactive 3D map. “Its specialty is to prepare internal 3D maps of buildings as per customer requirements,” he said in the notification.
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The contract winning company will get shareholding in the contract awarding firm against its services instead of cash. “Under the agreement, NetSol will be issued 4.09 million ‘Series BB Preferred shares’ of eeGeo Inc. for which it is not required to pay any cash up front,” he added.
“These shares carry voting rights in general meetings along with ordinary shares.
As per the agreement and against issuance of these shares, NetSol will provide outsourcing services to eeGeo at an agreed rate invoiced on monthly basis.
Approved invoices will be settled through issuance of shares to NetSol,” he said.
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“The total investment of NetSol, in shape of services, would go up to $2.8 million approximately over a period of three to four years,” Siddiqui said. “NetSol believes that eeGeo Inc. would grow tremendously as the 3D mapping concept has great potential and eeGeo Inc. has a number of good customers in its clientele.”
Published in The Express Tribune, May 12th, 2016.
NetSol Technologies has won a contract worth $2.8 million from a UK-based gaming and 3D mapping company, eeGeo Inc, according to a bourse filing on Wednesday.
“NetSol Technologies Limited has signed a ‘collaboration agreement’ to provide technology services to eeGeo Inc. - a Delaware corporation,” NetSol Company Secretary Boo-Ali Siddiqui said in a notification to the Pakistan Stock Exchange (PSX).
EeGeo Inc. is a software technology company. Its cloud-based, SaaS platform has its origins in the gaming industry that uses big data to create beautiful, geo-spatially accurate renditions of cities, countries and continents to create a fast and fun, interactive 3D map. “Its specialty is to prepare internal 3D maps of buildings as per customer requirements,” he said in the notification.
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The contract winning company will get shareholding in the contract awarding firm against its services instead of cash. “Under the agreement, NetSol will be issued 4.09 million ‘Series BB Preferred shares’ of eeGeo Inc. for which it is not required to pay any cash up front,” he added.
“These shares carry voting rights in general meetings along with ordinary shares.
As per the agreement and against issuance of these shares, NetSol will provide outsourcing services to eeGeo at an agreed rate invoiced on monthly basis.
Approved invoices will be settled through issuance of shares to NetSol,” he said.
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“The total investment of NetSol, in shape of services, would go up to $2.8 million approximately over a period of three to four years,” Siddiqui said. “NetSol believes that eeGeo Inc. would grow tremendously as the 3D mapping concept has great potential and eeGeo Inc. has a number of good customers in its clientele.”
Published in The Express Tribune, May 12th, 2016.