NetSol Technologies Achieves Carnegie Mellon Software Engineering Institute CMMI Level 5 Rating
16 August 2006
NetSol Technologies, Inc. (NASDAQ: NTWK), a U.S.-based, multinational provider of enterprise software and services for equipment financing, today announced it received the prestigious Capability Maturity Model (CMMI) L5 rating by the Carnegie Mellon Software Engineering Institute (SEI). CMMI L5 status, the most rigorous and highest rating available, recognizes global software developers focusing on best practices in product development. Only 94 of the world's software organizations are currently rated CMMI L5.
"We are pleased and very proud to announce to our customers, shareholders and the entire NetSol family that we have achieved the most significant engineering and development milestone in our company's quest for software excellence," said NetSol President Salim Ghauri. "The newly garnered L5 status positions NetSol among the world's most respected software developers, which includes IBM, Motorola, Boeing, Hewlett-Packard, and Toshiba, to name but a few. Our customers will continue to see the benefits of our already exemplary software development process, along with the meticulous control of products and processes, scrupulous project risk management, and an overall reduction of development costs."
"Technology leadership, validated by our CMMI L5 rating, opens doors for our sales and marketing teams internationally as well as with U.S.-based Fortune 500 companies," commented NetSol Technologies CEO Naeem Ghauri. "Companies rated at L5 have reported a significant increase in business contracts, increased software productivity, decreased software costs and substantially fewer software defects. This highest-level ranking," continued Ghauri, "places us above the majority of the competition and at the forefront of software development. Also, we were honored that our development subsidiary, NetSol Technologies, Ltd., was the first Pakistani company awarded this standard of excellence."
Highlighted Links http://netsoltek.com
Pakistan's Minister for Information Technology, Mr. Awais Ahmad Khan Leghari, will present NetSol management with its CMMI L5 certificate in ceremony to be held in Islamabad.
About CMMI and Level 5
The Capability Maturity Model for Software (CMMI) is a model for judging the maturity of the software processes of an organization and for identifying the key practices that are required to increase the maturity of these processes. The CMMI has been developed by the software community with stewardship by the Software Engineering Institute (SEI), Carnegie Mellon University.
The CMMI has become a de facto standard for assessing and improving software processes. Through the CMMI, the SEI and community have established an effective means for modeling, defining and measuring the maturity of the processes used by software professionals.
L5, the highest CMMI level, is defined as the "optimizing" level, wherein the entire organization is focused on continuous process improvement. The root cause of defects is identified. Corrective and preventive actions are determined and carried out. Goals for the reduction in defect density are set, actions are planned to achieve the goal and the outcome is compared with the goal to determine the effectiveness of the actions. Risks are evaluated during the life of the project and actions are taken to mitigate them. For more information, please visit http://www.sei.cmu.edu/cmmi/.
About NetSol Technologies, Inc.
NetSol Technologies is a U.S.-based multinational provider of enterprise software and services for equipment financing. Headquartered in Calabasas, CA, NetSol Technologies, Inc. operates on a global basis with locations in the U.S., Europe, East Asia and Asia Pacific. NetSol helps its clients identify, evaluate and implement technology solutions to meet their most critical business challenges and maximize their bottom line. By utilizing its worldwide resources, NetSol delivers high-quality, cost-effective IT services ranging from consulting and application development to systems integration and outsourcing. NetSol's commitment to quality is demonstrated by its achievement of both ISO 9001 and SEI (Software Engineering Institute) CMMi (Capability Maturity Model) Level 5 assessment. For more information, visit NetSol Technologies' web site at www.netsoltek.com.
Securities Exchange Act of 1934
This release is comprised of inter-related information that must be interpreted in the context of all the information provided; accordingly, care should be exercised not to consider portions of this release out of context. This release is provided in compliance with Commission Regulation FD and contains certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance, are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward-looking statements in this action may be identified through the use of words such as "expects," "will," "anticipates," "estimates," "believes," or statements indicating certain actions "may," "could," or "might," occur. Such statements reflect the current views of NetSol Technologies with respect to future events and are subject to certain assumptions, including those described in this release. Should one or more of the underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed or expected. NetSol Technologies does not intend to update these forward-looking statements prior to announcement of quarterly or annual results.
CONTACTS:
Investor Relations: Marty Tullio McCloud Communications, LLC 949.553.9748 marty@McCloudCommunications.com
NetSol Technologies: Najeeb U. Ghauri Chairman Tina Gilger CFO 818.222.9195 najeeb@netsoltek.com tina@netsoltek.com
SOURCE: NetSol Technologies, Inc.
Source: marketwire
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