Todd Felte: Okay. That’s great to hear. And this is more of a general question, but as you’re bidding for new customers, what percent would you say of customers that you bid on for a software project do you actually land?
Najeeb Ghauri: Well, that’s a very good question. It’s — I think some of our listeners or investors who have been following us for some time, we are in a very a unique business or even a niche business. Few companies are competing with each other. Some are very big, some are about same scale as we are, whether we’re in North America or Europe or Asia. I think the pipeline is — we don’t mention the pipeline. We have a robust pipeline, pretty large size. Some are — we believe we can achieve some successes in the near future, some will take a bit more time. If I — say, if we have 10 deals out there and we close three of them, that will be the day for the company because it is a tough competition, because it’s a very niche and few companies.
Secondly, I think that we definitely are working diligently to improve our scale and capability in the US, which is again, a very robust and a strong market for us and as we get stronger in the US, our chances to win US business will only get better.
Todd Felte: Okay. And so if you land about three out of 10 of the contracts you bid on, what do you think is the number one reason why you don’t land those other seven? Or what are the areas you’re improving on? Does it relate to this [indiscernible]?
Najeeb Ghauri: I think, Todd, one thing for sure. Like I said, whether investor or long-term funds or our customers who know us well, our capabilities, our strength and our opportunities that we have, US is the most challenging market but also the most incredible market to work in. And we are working on it diligently. What happens is in every RFP we get invited, at least five top companies, sometimes five to seven, and then we become shortlisted. In most cases, we do become shortlisted. Oftentimes, the contracts are really large in size and value, then they prefer to look at the US company which have very strong US presence. And we understand that because these customers want to depend on the local. There’s a company that has 70,000 employees, for example.
I’m not going to share the name here. And we compete with them. Sometimes we win over them, sometimes they win over us. In China, we have beaten them many times in major contracts. So I think companies look for scale, capability. But there are companies which are midsized, mid-tier company, which is right spot for us. And in most cases, it will be good for us. It makes us better and stronger to be able to compete with the big guy. We have beaten many times — I mean, one of them is SAP years ago in China because we were so strong in China, still are the number on company in China in this space. US is a very big market. We will do well in the coming three to five years, and positioning is the way that we get the right people, partners, joint ventures.
And there’s lots going on, some I’m not in the liberty of sharing because they’re not public information yet. As they become material, we’ll of course, disclose and share with the market. So overall, I’m very excited and bullish about the US market.
Todd Felte: Great. That’s helpful. And then my last question is, I noticed the dramatic improvement in NetSol Pakistan, which I think you own over 60% of. But I’ve been looking at the minority interest or your noncontrolling interest investments, and it seems like over the last 1.5 years, that’s cost you about $4 million. Can you kind of discuss that and what your plans are because that’s a lot of money to a company that’s just now breaking into profitability?
