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NetSol Technologies, Inc. (NTWK) Forms New Division to Concentrate on Sales and Delivery of SmartOCI Product for eProcurement

|Includes: NetSol Technologies Inc. (NTWK)
NetSol Technologies, Inc., a worldwide provider of global IT and enterprise application solutions, today announced that it has formed a new division, Vroozi , Inc., to help increase the sale and delivery of its smartOCI e-commerce product that helps facilitate the B2B procurement process for companies. Netsol’s smartOCI product is a powerful search engine that improves purchasing efficiencies by allowing companies to access their global suppliers and retrieve competitive pricing information, as well as collaborate with suppliers to exchange and publish catalog content. NetSol made several announcements in August of Fortune 500 companies purchasing the smartOCI product to help streamline and improve their SAP eProcurement environment.
NetSol’s new division is named after the word “vroom”, reflecting speed to market, innovation and accelerating business operations. Vroozi, Inc. will work across all verticals to help companies find, negotiate and order goods and services from suppliers online. Vroozi will generate revenue by fees at time of implementation, monthly subscriptions and professional services.
“We believe Vroozi will help NetSol become an industry leader in B2B e-commerce technologies focused on optimizing information and data flow between corporate buyers and suppliers,” said Shaz Khan, senior vice president of NetSol and COO of Vroozi in a press release on Monday. “Companies are in search of solutions that help streamline their day-to-day operations, and Vroozi is well-poised to take market share as smartOCI continues to gain traction.”
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