Newgen Software Technologies has announced a significant contract win for its US subsidiary, Newgen Software Inc. The company has entered into a two-year agreement worth $5.29 million (₹46.54 crore) with a leading financial institution in the United States.

Contract Details

The agreement, disclosed in a regulatory filing, covers various services provided by Newgen Software Inc. Here's a breakdown of the contract:

Key Points

• The contract is with an international entity based in the United States.
• The agreement does not involve any promoter or group company interests.
• This transaction does not qualify as a related party transaction under the Companies Act, 2013.

Company Statement

Newgen Software Technologies stated in its filing, "We hereby confirm that this transaction does not fall within the definition of a related party transaction as specified under the provisions of the Companies Act, 2013."

Market Impact

This contract win demonstrates Newgen Software's growing presence in the US market and its ability to secure significant deals with major financial institutions. The agreement, spanning two years, provides a steady revenue stream for the company's US operations and potentially opens doors for future expansion in the American financial sector.

As the company continues to strengthen its position in the global market, investors and stakeholders will likely keep a close eye on Newgen Software's performance and future contract announcements.

Newgen Software Technologies Limited , a global provider of low code digital transformation platform, has announced a significant boost to its international presence with five new contracts totaling approximately $14.39 million. These agreements span across various international markets, showcasing the company's growing global footprint.

Dubai Subsidiary Wins Kuwaiti Contract

Newgen Software Technologies LLC, the company's Dubai-based subsidiary, has accepted a Letter of Award (LOA) from a Kuwaiti entity for the implementation of a Business Process Management platform. The contract, valued at KWD 1,736,052 (approximately $5.70 million), is set to be executed over a two-year period. The agreement includes software licensing, implementation services, and support services.

Ghana-based Contract for Loan Management System

Newgen Software Technologies Limited has secured a substantial contract with eProcess International Ghana Limited. Valued at $5.64 million, this five-year agreement involves the delivery, implementation, and support of a Loan Management System. The project encompasses software licensing, implementation, and annual support services.

US Subsidiary Expands into Caribbean Market

Newgen Software Inc. (NSI), the company's US-based material subsidiary, has entered into a Master Service Agreement with a leading bank in the Caribbean. The contract, worth $1.64 million, is for the supply, installation, and implementation of Newgen's Enterprise Content Management System Platform. This two-year project further solidifies Newgen's presence in the Americas.

UK Subsidiary Inks Long-term Deal with Wipro

Newgen Software Technologies (UK) Limited, the company's wholly-owned subsidiary in the UK, has executed a significant long-term agreement with Wipro Financial Outsourcing Services Limited. The contract, valued at £2,985,484 (approximately $3.80 million), spans over ten years and involves providing a modernized Enterprise Content Management and Customer Communication Management platform.

New Contract with U.S. Healthcare Firm

Newgen Software Technologies has signed a $2.59 million agreement with a U.S. healthcare firm. The contract covers a 3-year software license and cloud hosting services arrangement, further expanding Newgen's presence in the U.S. healthcare sector.

Diverse International Portfolio

These contracts demonstrate Newgen's ability to cater to diverse needs across different geographies:

The diverse nature of these contracts underscores Newgen's versatility in providing digital transformation solutions across various sectors and geographical regions. From business process management to loan systems, enterprise content management, and healthcare solutions, the company is demonstrating its capability to meet a wide range of digital needs for international clients.

These new agreements not only represent a significant boost to Newgen's order book but also reinforce the company's position as a global player in the digital transformation space. As organizations worldwide continue to prioritize digital initiatives, Newgen's expanding international footprint positions it well to capitalize on the growing demand for innovative software solutions.