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.
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 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 vendor that has managed to establish a global footprint and we look forward to be 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 over 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 Business Process Management (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 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 (newgensoft.com) 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 world's leading BFSI, BPO and Fortune Global 500 companies.
Newgen is recognized by distinguished analyst firms like Gartner in its report “Magic Quadrant for Business Process Management Suites, 2007” and IDC in its exclusive report “Newgen Software: Global Leader in Business Process Management and Document Management Solutions.”
Recognized by Celent as ‘Significant Player’ in Banking DMS report and 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 (sapventures.com) invests in innovative and disruptive software and services companies globally. We pursue opportunities across all stages for outstanding financial return. Our goal is 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.