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.

Newgen Software Technologies Limited has issued a postal ballot notice dated December 10, 2025, seeking shareholder approval for Ms. Shubhi Nigam's appointment as Additional Non-Executive Non-Independent Director. The company had earlier announced her appointment effective November 26, 2025, and now requires formal shareholder consent through the e-voting process.

Postal Ballot Notice Details

Key Appointment Details

Compensation Structure

About Ms. Shubhi Nigam

Ms. Shubhi Nigam brings 14 years of experience in product management and AI-driven solutions to Newgen Software's board:

• Currently serves as Director of Product at Carta Inc., leading the Limited Partners (LP) Platform
• Co-founded Laso Technologies Inc., a YCombinator (W19) AI startup
• Previously held roles at Newgen Software as Product Lead Solutions Consultant (2012-2019)
• Holds a degree in Computer Science and Economics from the University of Pennsylvania
• Actively mentors founders through various programs including Techstars and AWS Impact Accelerator

E-voting Process

The company has engaged KFin Technologies Limited to provide e-voting facilities to all members. Shareholders can cast their votes electronically during the specified period. The results will be declared and communicated to stock exchanges within two working days from the last date of voting.

Company Performance Context

Newgen Software's recent financial performance shows growth across key metrics:

The company's strong financial foundation supports its evolving leadership structure as it seeks to strengthen its board with experienced professionals from the technology sector.