Newgen Software Technologies Limited has secured a substantial purchase order valued at ₹16.53 crores from a leading Indian bank. The order covers comprehensive services including supply, installation, customization and maintenance of a Digital Lending Platform, marking a significant business development for the IT software company.

Order Details and Specifications

The company disclosed the material event, providing comprehensive details about the contract under SEBI regulations. The order encompasses a complete digital lending solution that will be delivered to the banking client over an extended period.

Contract Characteristics

The purchase order represents a domestic contract, with the banking client being situated within India. Newgen Software Technologies has maintained confidentiality regarding the customer's identity, withholding the bank's name due to confidentiality agreements. The comprehensive nature of the order includes not just software supply but also complete installation, customization according to client requirements, and ongoing maintenance services.

Regulatory Compliance and Transparency

Newgen Software Technologies has confirmed that this transaction does not constitute a related party transaction as defined under the Companies Act, 2013. The company has no promoter or group company interests in the entity that awarded the contract, ensuring complete independence in the business relationship.

Business Impact

The ₹16.53 crore order represents a significant addition to Newgen Software Technologies' order book, particularly in the digital lending segment. The three-year execution timeline provides revenue visibility and strengthens the company's position in the banking technology sector. The comprehensive service offering demonstrates the company's capability to deliver end-to-end digital transformation solutions for financial institutions.

The material event disclosure was made in compliance with Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, ensuring complete transparency with stakeholders and regulatory authorities.

Newgen Software Technologies Limited has secured a major international contract through its wholly-owned subsidiary in Saudi Arabia. The company announced that it has signed an agreement with a leading public sector bank in the Kingdom of Saudi Arabia for a comprehensive loan origination system project.

Contract Details and Scope

The contract encompasses the design and development of a complete loan origination system for the Saudi banking client. The project includes multiple components designed to modernize the bank's lending operations and enhance customer experience.

Financial Impact

The contract represents a significant value addition to Newgen's international operations. The total consideration of SAR 15,982,125 translates to approximately ₹38.64 crores in Indian currency, inclusive of all applicable taxes.

Strategic Significance

This contract reinforces Newgen's growing presence in the Middle Eastern banking technology sector. The project involves delivering cutting-edge financial technology solutions to enhance the digital banking capabilities of a major Saudi financial institution. The comprehensive nature of the engagement, including perpetual licensing and ongoing support services, demonstrates the client's confidence in Newgen's technology platform and service delivery capabilities.

Regulatory Compliance

Newgen Software Technologies has confirmed that this transaction does not constitute a related party transaction under the provisions of the Companies Act, 2013. The company has no promoter or group company interests in the entity that awarded the contract, ensuring complete independence in the business relationship.

Implementation Timeline

The project is scheduled for completion within a 2-year timeframe, allowing for comprehensive system design, development, testing, and deployment phases. The inclusion of one-year post-implementation support services ensures smooth transition and optimal system performance for the banking client.