Sep 13 2011
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Saudi Arabian Auto Finance Major, Aqsat International chooses Nucleus' FinnOne™ Suite
Riyadh, September 13, 2011: Nucleus Software Exports Limited (NSE: NUCLEUS, BSE: 531209), a leading global provider of integrated software products for banks and financial institutions, today announced that the Saudi Arabian Auto Finance company, Aqsat International Trading Co. ltd, has chosen its flagship & award-winning product, FinnOne™, to completely automate the business operations.
Aqsat International will be using FinnOne's Customer Acquisition System (CAS), Loan Management System (LMS), Collections & Delinquency Management, Securitization, Power Pay, Document Management System, and Fleet Finance as part of the FinnOne™ Suite to automate business operations and reduce turn-around time.
"Today owning an auto vehicle has become a necessity rather than a luxury. We aim at supporting people in fulfilling this necessity by providing loans and other financial aid towards owning or renting vehicles. After evaluating FinnOne™ past success across geographies, we selected this flagship & award-winning product to efficiently manage our clients and all monetary operations. Finnone™ will surely help us build a competitive advantage and expand our reach in the Saudi Arabian market. We look forward to a fruitful association with Nucleus Software," said Abbas Mohammed Al-Nahdi, Executive General Manager, Aqsat International.
Aqsat International is a customer-centered credit company, committed to provide value-adding, quality services to its customers. The company has an immense penetration in the Saudi auto finance sector. The organization provides Shariah-compliant financing solutions complemented by established experts in financing. Aqsat International is planning product implementations in the offices already established in the main BMW and Hyundai showrooms. The company will also expand product implementation capabilities throughout all branches across Saudi Arabia.
About Aqsat International
Aqsat International Trading Company is owned by Mohammed Yousuf Naghi Group (MYNG). From its long existence in Credit Sales Business as a division of Naghi Motors , the separate legal entity as Aqsat International Trading Company was incorporated in 2007 to support the credit sales of all the vehicles lines of Naghi Motors and diversify its portfolio in other line of business in a long run. They specialize in Islamic leasing with a promise of ownership with very competitive product offering in installment sales and for leasing with insurance coverage and credit information services for purchasing brand new and pre-approved cars in Saudi Arabia capitalizing on our captive business and current business portfolio. www.aqsat.com.sa.
About Nucleus Software Exports Limited
Nucleus Software is a leading software powerhouse providing innovative and pioneering software solutions for Banks and Financial organizations globally. Nucleus Software offers a host of competitive IT solutions and consultancy services designed to support the whole spectrum of business offerings spanning retail banking, corporate banking, cards and cash management. With over 150 customers across the globe, the company is consistently innovating with cutting edge and industry driven products in the domain. Nucleus Software is listed on the National Stock Exchange and Bombay Stock Exchange in India. www.nucleussoftware.com
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the success of our investments, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, our ability to successfully implement our strategy, our research and development efforts, changes in the value of the Rupee and other currency changes, intense competition in IT and consulting services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, withdrawal of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Nucleus may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Board of India, Stock Exchange and our reports to shareholders. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company.
For further information, please contact:
Nucleus Software Exports Limited
Bassel Al Zirki
Hill and Knowlton
Mobile: +966 50 328 0530
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