Newgen Software Technologies has announced two significant deals, showcasing its growing presence in both international and domestic markets.

TCS Belgium Contract

Newgen Software UK, a wholly-owned subsidiary of Newgen Software Technologies, has secured a contract worth €4.22 million with Tata Consultancy Services (TCS) N.V. Belgium. The five-year agreement encompasses cloud hosting, software licensing, and implementation services.

Contract Details

The Master Service Agreement, executed by Newgen Software Technologies (UK) Limited, outlines the following key points:

Kshema General Insurance Order

In a separate development, Newgen Software Technologies Limited has received and accepted a purchase order worth ₹21.24 crore from Kshema General Insurance Limited for its Policy Administration System.

Order Details

• Value: ₹21.24 crore
• Duration: 5 years
• Services: Software license, implementation, and annual support services
• Client: Kshema General Insurance Limited (domestic entity based in India)

Strategic Implications

These deals mark notable achievements for Newgen Software Technologies, showcasing the company's growing presence in both international and domestic markets. The contract with TCS N.V. Belgium underscores Newgen's capabilities in delivering advanced cloud-based solutions, while the order from Kshema General Insurance demonstrates its strength in the insurance sector.

Market Impact

The agreements represent substantial revenue streams for Newgen Software Technologies and strengthen its position in the European software services market and the Indian insurance sector. By partnering with renowned firms like TCS and securing domestic orders, Newgen demonstrates its ability to meet the complex technological needs of major international and local clients.

Company Statement

In its disclosures to the stock exchanges, Newgen Software Technologies confirmed that neither transaction falls within the definition of a related party transaction as specified under the provisions of the Companies Act, 2013. The company also stated that promoters or group companies have no interest in Kshema General Insurance Limited.

These strategic partnerships highlight the increasing demand for cloud-based enterprise solutions and policy administration systems, positioning Newgen Software Technologies as a key player in the digital transformation landscape across various sectors and geographies.

Newgen Software Technologies Limited , a leading provider of digital transformation platforms, has secured a significant contract worth Rs. 73.12 crore for a major court digitization project. The company announced the deal through a regulatory filing, marking a substantial win in its efforts to expand its presence in the digital transformation sector.

Project Details

The newly acquired contract involves a comprehensive scanning and digitization project for a state court in India. Newgen Software Technologies will be responsible for digitizing both pending and disposed judicial and administrative records on a turnkey basis. This ambitious project is set to span over a two-year period, highlighting the extensive nature of the work involved.

Scope and Significance

The project's scope underscores the growing importance of digital transformation in India's judicial system. By digitizing court records, the initiative aims to enhance efficiency, improve access to information, and streamline judicial processes. This contract not only represents a significant revenue opportunity for Newgen Software Technologies but also positions the company as a key player in the digitization of India's public sector.

Contract Specifics

Company Statement

In its disclosure to the stock exchanges, Newgen Software Technologies confirmed several key points about the contract:

1. The order was received from a domestic customer.
2. The project involves digitizing judicial and administrative records for a state court on a turnkey basis.
3. The company explicitly stated that neither the promoters nor any group companies have any interest in the entity that awarded the contract.
4. The transaction does not qualify as a related party transaction under the Companies Act, 2013.

Market Implications

This substantial contract is likely to be viewed positively by investors and market analysts. It demonstrates Newgen Software Technologies' capability to secure large-scale government projects and its growing footprint in the digital transformation landscape, particularly in the critical area of judicial system modernization.

The project aligns well with the Indian government's Digital India initiative, which aims to transform the country into a digitally empowered society and knowledge economy. As more public institutions move towards digitization, companies like Newgen Software Technologies are well-positioned to capitalize on these opportunities.

Newgen Software Technologies' latest contract win showcases its strong market position and potential for future growth in the dynamic field of digital transformation, particularly as this wave continues to sweep across various sectors in India.