Newgen Software Receives Investment from SAP Ventures
McLean, VA and NEW DELHI, India, 10 September, 2008: Newgen Software Technologies Limited, a New Delhi-based software product company today announced that SAP Ventures, a division of SAP AG, has invested in the company for a minority ownership. Newgen will use the proceeds to fund continued growth, including product development and acceleration of global expansion plans, particularly in new geographies across the world like USA. The company is targeting expansion of its sales and marketing operations from 30 countries at present to 100 countries in next four years.
(I-Newswire) - Newgen Software is a provider of enterprise solutions for Business Process Management and Content Management in Banking, Financial Services and Insurance ( BFSI ), Business Process Outsourcing ( BPO ), Telecom, Manufacturing and Government segments. According to research firm IDC, Newgen Software is the market leader in India and has a global footprint with substantial market share in regions such as the Middle East, Africa, and APAC.
“An integrated Content Management and Business Process Management platform is vital to successfully automate paper-based workflows and manage the enormous volume of digital content created,” said Ranjan Das, President & CEO, SAP Indian Subcontinent. “In line with our focus, I am delighted that SAP India is able to nurture innovation in the Indian IT Sector through this investment in Newgen by SAP Ventures."
“Newgen is one of India’s leading software vendors that has managed to establish a global footprint and we look forward to being a part of the Company’s continued geographic and product expansion” said Jai Das who is an Investment Partner at SAP Ventures and manages its investments in India. “The Company has created a very compelling product for automating workflows and for managing business processes of enterprises in various market segments including BFSI, BPO and Telecom which has enabled the company to have significant year on year revenue growth. We hope to help Newgen build on the platform that it has already created.”
Speaking on this investment from SAP, Mr. Diwakar Nigam, MD & CEO of Newgen said, “We are pleased that SAP Ventures has chosen to invest in Newgen. It is a testimony to Newgen’s Imaging and Workflow products for BPM. We have many installations where we complement SAP in the Manufacturing and BFSI market segment. There are obvious synergies between the products of SAP and Newgen and the investment will lead to closer working of the two companies which will help Newgen to grow faster and garner larger share of the fast growing BPM market."
Earlier this year, Newgen announced a significant investment of INR 300 million for a minority stake in the company by HSBC Private Equity ( Asia ). Now with SAP on board, Newgen is one of the rare software product companies to have backing from world's leading Financial Services and Technology companies that have extensive reach in overseas markets.
About Newgen Software Technologies Newgen Software is a market leader in Business Process Management ( BPM ) and Enterprise Content Management ( ECM ), with a global footprint of about 700 installations in over 30 countries. More than 100 of these implementations are large, mission-critical solutions deployed at the world's leading BFSI, BPO and Fortune Global 500 companies.
Newgen is recognized by distinguished research firms like IDC in its exclusive report “Newgen Software: Global Leader in Business Process Management and Document Management Solutions” and Celent as “Significant Player” in Banking DMS report. Winner of several awards such as Frost and Sullivan’ “Market Leadership Awards for Document Management System and Workflow Software 7 Services” and “Distinguished Application Product Company” by NASSCOM.
More recently, Newgen Software won the prestigious CNBC Emerging India Awards 2008 for the IT, ITeS and ICE category.
About SAP Ventures SAP Ventures is the corporate venture capital arm of SAP AG. SAP Ventures invests in innovative and disruptive software and services companies globally. SAP Ventures seeks to bring substantial benefit to all parties by facilitating interaction between portfolio companies and SAP and its ecosystem of customers and partners. SAP Ventures has a successful track record of building industry-leading companies by partnering with outstanding entrepreneurs and top-tier venture capital firms since 1996. For more information, visit www.sapventures.com.
For more information, please contact: Max Dixit Regional Vice President Newgen Software, Inc 1364 Beverly Rd, St 300 McLean, VA 22101
703.749.2855
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