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November 11 , 2021 NETSOL Technologies Quarter 2022 Financial Results ✓ NETSOL . Reports Fiscal First • Subscription and Support Revenue Jumped 20 % to $ 6.2 Million , Representing a Nearly $ 25 Million Annualized Run Rate with Opportunities for Upside • Otoz Digital Retail Platform Partnership with MINI Anywhere Continues to Gain Traction with 10 Dealerships Now Subscribed and Additional States to be Enabled in the Coming Months ; Targeting 100 Dealers by Fiscal Year - End 2022 • Company Reaffirms Fiscal 2022 Total Revenues and Subscription and Support Revenues Guidance of at Least 10 % and 20 % , Respectively CALABASAS , Calif . , Nov. 11 , 2021 ( GLOBE NEWSWIRE ) -- NETSOL Technologies , Inc. ( Nasdaq : NTWK ) , a global business services and enterprise application solutions provider , reported results for the fiscal first quarter ended September 30 , 2021 . Fiscal First Quarter 2022 and Recent Operational Highlights • Subscription ( SaaS and Cloud ) and support quarterly revenues increased 20 % to $ 6.2 representing a nearly $ 25 million run rate over the coming twelve months with opportunities for upside . • Generated approximately $ 1.5 million by successfully implementing change requests from various customers across multiple regions during the fiscal first quarter . • Successfully renegotiated certain annual support contracts resulting in additional support revenue of approximately $ 1.0 million to be recognized over the term of the combined contracts . • NETSOL's U.S. based mobility startup Otoz launched its digital automotive retail platform for BMW Group Financial Services in the U.S. for its key brand MINI Anywhere . MINI Anywhere is now live with 10 MINI dealerships as of October ; Otoz is also scheduled to onboard additional California - based dealers before an expansion into Florida . Long term , the solution has the potential to be rolled out to over 100 MINI dealerships across all 50 states . Regarding previously announced 12 - country , $ 110 million contract with German auto manufacturing giant , the Company made continued progress with respect to additional NFS Ascent® implementations . The company began the NFS Ascent® implementation process in India during the quarter . • Signed an agreement with Motorcycle Group to deploy the cloud - based version of