Systems Ltd. signs app development contract with Government of Pakistan

Government of Pakistan's Bait-ul-Maal awards contract to Systems Ltd.

Business may or may not be slowing up in the US, but software companies certainly seem to be picking up customers in Pakistan at a regular clip. On the heels of several ERP implementations by Aisha Steel, Dow University and others, Systems Ltd. has now announced that the Government of Pakistan’s welfare arm, Bait-ul-Maal, has awarded them an extensive web application development contract.

Over the past 30 years, Systems has been the one constant in the Pakistani software industry. They’ve grown to almost 1,000 people globally and continue to innovate in interesting areas. Lots of intriguing pieces of industry lore are associated with this company and its founder, Aezaz Hussain. Their subsidiaries include Anivista, an animation company, VisionNET USA, a BPO practice in Pakistan, the core Systems Ltd. software development company and of course, their Asian operations also undertaken through a subsidiary.

Netsol market-cap down to $17M – why is no one picking it up?

Come and get it! Netsol available for just $17M!

I threw out a hypothetical question a few months ago. At the time, Netsol had a greatly diminished $24M market cap and I was wondering why a private company like Systems Ltd. wouldn’t just buy Netsol, consolidate, streamline, take it private and grow the business. If I was casually wondering then, I’m keenly curious now! With the latest price declines that have hit NTWK, Netsol is valued at a mere $17M now. Let’s put that into perspective.

At 93c a share and a market cap of only $24M, Netsol should be bought by Systems Ltd.

Going public can be a knife that cuts both ways. Sure, you get immediate access to lots of capital and liquidity. And yes, as a management team, frankly, you get to tell people you’re the cat’s whiskers for having led your company through an IPO. But, in times when fear is the domninant sentiment and rationality has long been chucked out the window, being public can also mean subjecting your company to the wrath of a hapless, fickle set of investors.

And that, my friends, pretty much sums up where Netsol (NTWK) is right now… at the mercy of fearful shareholders who have decided to launch a selling frenzy.

Aezaz Hussain hits one out of the park with Systems earnings announcement

We covered Systems Ltd. in the past and also focused a little on the group’s diversified activities across services, animation and product development. The recent Systems Ltd. board meeting was a welcome surprise to shareholders. The company announced 24% YoY revenue growth, a 60% bonus and 20% cash dividend. For those unfamiliar with Pakistani stock-lingo, that means a Rs. 2 cash payout on a Rs. 10 face-value share and a “bonus” issue of 60% extra shares (.6 additional shares issued for every share held – kind of like a ’split’). More details after the fold.

Systems Ltd. wins Innovation award at Integration World in California

A product built by Systems Ltd., Pakistan’s oldest and largest software company, just won a Customer Innovation Award at the annual Integration World conference, held this year in California. The product that won the award was related to Financial Services; the “Title Insurance and Settlement Services” platform. The customer was Lender’s First Choice.

We’ve written about Systems previously and are happy to see that the company that pioneered the software industry in Pakistan and contributed much colour to the early history of our IT landscape, is still going from strength to strength.