NetSol Technologies, an enterprise application solutions provider to the asset finance and leasing industry, announced net revenue for the fiscal year 2016 was a record $64.6 million, up 26% from fiscal year 2015.

NetSol said GAAP net income for fiscal year 2016 improved to $3.4 million compared to a net loss of $5.5 million for the same period a year earlier.

“We ended fiscal year 2016 on a high note, generating record revenue for the fourth quarter and full-year and exceeding our guidance for both revenue and Adjusted EBITDA. Our results demonstrate solid demand for our solutions and the continued execution of our growth strategy,” said Najeeb Ghauri, CEO of NetSol. “Looking to fiscal 2017, we see meaningful opportunity to continue to grow and scale our client base, and will continue to make additional investments across our business to expand our share in all our markets.”

Naeem Ghauri, president and head of Global Sales, said, “Continued strong demand in the market, and the investments we have made in our solutions, our services capabilities and in our global team, have contributed to solid growth in our pipeline of new business opportunities compared to the prior year. The momentum we are seeing in our pipeline across all our markets, combined with our current backlog of business including the $100 million-plus NFS Ascent implementation, gives us confidence in our growth prospects for fiscal 2017.”