19 May, 2011: Brasilinvest Group, a leading Brazilian business development company and NetSol Technologies have signed a Memorandum of Understanding (MOU) to form a software and IT services joint venture focused on serving the Latin American IT market.

The new venture will leverage NetSol's platform of software products and services and the Brasilinvest Group's regional presence to capitalize on the growing demand for enterprise software solutions in Latin America. Under the terms of the agreement, a majority of the joint venture will be owned by NetSol and 40% owned by the Brasilinvest Group. The agreement was facilitated by Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc.

The Brasilinvest Group was founded in 1975 by Brazilian business leader Mario Garnero. It is that country’s first private development agency. With 80 partners in 16 countries, the Group has already coordinated projects valued at over US$ 4 billion.

"We are very pleased to have this opportunity to work with Brasilinvest as we move forward on our goal to expand into Latin America," commented Najeeb Ghauri, Chairman and CEO of NetSol. "Our target market, comprised of both multinational and local leasing and finance companies, has an established and growing presence in Brazil. Partnering with Mario Garnero, a business leader, and his organization, an entrenched player in the region, will set the stage for NetSol to make a strong entrance into this dynamic market."