IT firm NetSol Technologies and UK lessor
Investec Asset Finance (AF) have jointly acquired UK-based leasing
and asset finance management business Virtual Lease Services
(VSL).
California-based NetSol has taken a 51% stake
and Investec AF a 49% stake in the business purchased from German
software and management company GFKL.
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VLS, which provides back-office management
services to more than 30 customers across the UK finance and
leasing industry, already uses NetSol’s Leasesoft system for
accounting and administration.
Jeffery Andrews, NetSol Europe’s director of
sales and operations, said the IT company had been looking to
expand their services when the opportunity came up.
He said: “It was one of those fortuitous
things were there was a willing seller and we were interested in
buying.
“We had an appetite to broaden our offering in
the market we service and it became a logical extension to acquire
a company which provided complimentary services.
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By GlobalData“We can now offer that broader range and
provide an end-to-end managed service for customers across the
asset finance and leasing industry. We see that as being quite a
differentiator. “
Mike Francis head of buyer Investec AF,
previously a client of VLS, said the combination of VLS’s
management skills, NetSol’s systems and Investec’s expertise had
the potential to change the way the asset finance sector organises
its operations.
grant.collinson@vrlfinancialnews.com
