NetSol Technologies Formalizes JV Agreement With Brasilinvest

NetSol Technologies, Inc. NTWK today announced it has formalized its joint venture agreement with Brasilinvest Group, a private business development company that has served as a "banque d'affaires" or "merchant bank" based in Brazil with a significant worldwide presence. The joint venture company will set up its office in the Mario Garnero Center in the Sao Paulo Financial district. The terms of the agreement, pursuant to the Memorandum of Understanding signed in May 2011, call for a newly created company of which NetSol will own 55 percent and Brasilinvest 45 percent. The company's Sao Paulo base will have approximately 15 to 50 employees by the end of the first half of 2012, depending upon client engagements and contract wins.