NetSol Secures $2.8 Million IT Contract in the UK
One of the biggest IT companies in Pakistan, NetSol Technologies, has managed to secure a contract worth $2.8 million. It will be offering its services to a UK based gaming and 3D mapping company, eeGeo Inc.
NetSol Company Secretary Boo-Ali Siddiqui said “NetSol Technologies Limited has signed a ‘collaboration agreement’ to provide technology services to eeGeo Inc. – a Delaware corporation.” He was addressing the Pakistan Notification Exchange (PSX) in a notification.
eeGeo Inc is a software company which provides cloud oriented services like its SaaS platform. SaaS originated within games which required huge amounts of data to create real-looking, geo-spatially accurate city-wide renders. eeGeo can create and fast and fun interactive 3D maps for the very same purpose. Siddiqui said “Its specialty is to prepare internal 3D maps of buildings as per customer requirements.”
The contract winner will get shares in the company instead of cash. NetSol’s Secretary added “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.” These shares will carry voting rights in general meetings as well.
Under the signed agreement, NetSol will get the shares and will provide outsourcing services to eeGeo at an agreed rate. The payment will be invoiced on a monthly basis.
NetSol’s total investment will be approximately $2.8 million over the next three or four years. The investment will be in terms of the services NetSol provides. The Pakistani IT company believes that eeGeo has potential to grow immensely. Their 3D mapping technology can be the flagship service. It has already got a good number of clients for 3D mapping.