Newgen Software Technology Limited is a worldwide low-code digital transformation platform provider, with expertise in process automation, content management, and customer communication management. Established in 1992 and based in India, Newgen caters to banking, insurance, government, and healthcare industries. Their flagship offerings are the NewgenONE platform, which allows businesses to automate workflows, improve customer engagement, and enhance operational efficiency. The firm has operations in several countries and is well established in North America, Europe, Asia, and the Middle East.
The RBI Contract
While banking and financial services continue to be Newgen’s core vertical, the company saw increasing traction in the government segment in the quarter.
The company closed many significant deals during the quarter. The company have won an order from RBI for implementation and maintenance of the Regulatory Application Management System with an aggregate contract value of INR32 crores.
According to management, the company’s expertise in data science and AI, embedded in its core products, has contributed to its success in the RBI bid. The company is also planning to work with other financial institutions as well.
Other Key Achievements and Deal Wins
In India, Newgen entered into an agreement with Aye Finance Limited for loan origination solution for an aggregated commercial value of INR24 crores.
In Saudi Arabia, the company entered into an agreement for $2.3 million with a large power generation and transmission company.
Newgen is also providing Knowledge and Records Management System to a customer in Singapore with a total contract value of SGD1.7 million.
In U.S., the company is working with a banking client for digital account opening, retail loans, ECM and collection upgrade for a total contract value of $1.8 million.
In India, the company received a contract for Newgen Remittance system for a value of INR20.8 crores.
In EMEA (Europe, the Middle East, and Africa), Newgen has entered into a contract for providing a digital lending and onboarding platform for retail products with a total value of $2 million.
The company is also providing credit automation services to a leading banking and financial services company in Africa with an aggregate value of $1.6 million.
NOTE - In Q3 alone, Newgen added 15 new clients, bringing the total to 36 new clients over nine months.
Core Strengths: Low-Code Platform and AI Innovations
Newgen’s core strength lies in its low-code platform, which automates various business applications and customer journeys.
In the banking and financial services segment, the company is extensively working across multiple transformation areas, including lending, payments, deposits, collection, early warning system, co-lending, trade financing, lead generation, supply chain finance, and many more.
Newgen has recently launched its AI-enabled captive finance solution to transform lending and leasing operations.
The company is also working extensively in the insurance and healthcare market and has started winning new deals in this segment, especially in the mature markets.
Industry Recognition
During the quarter, Newgen was recognized as a niche player in the Gartner Magic Quadrant for Enterprise Low-Code Application Platforms of 2024. This is fifth time in a row.
The company is also recognized in Forrester’s The Low-Code Platforms for Professional Developers Landscape.
During the quarter, Newgen has also been recognized as a leader in the IDC MarketScape Report for Intelligent Customer Communications Management and Automated Document Generation and Customer Communication Management.
Newgen Software Technology is at the forefront of digital innovation, combining cutting-edge technology with industry expertise. With a strong pipeline of deals, global recognition, and a commitment to employee growth, Newgen is poised for sustained success in the evolving tech landscape.