US IT firm NetSol Technologies has formalized its joint venture with private business development company Brasilinvest Group, the former said in a statement.
According to the release, the terms of the agreement - detailed in the memorandum of understanding (MOU) signed in May - call for a new company, in which NetSol will own 55% and Brasilinvest 45%. The JV will set up office in São Paulo's financial district and is slated to have some 15-50 employees by mid-2012.
"We see Brazil as another China in the making for NetSol's solution for the asset and auto finance and leasing markets in this developing economy," said NetSol's president for Americas and Europe, Naeem Ghauri. "We believe we will benefit from Brasilinvest's reach into the automotive and financial sector in Brazil."
Brasilinvest provides services for businesses across sectors, including automotive, financial, agriculture and utilities.