Newgen Software Technologies has secured a significant contract valued at ₹20.54 crore with a leading bank in Kuwait. The agreement involves providing software licences, implementation, and product software support.
The contract, executed through Newgen Software Technologies L.L.C, a wholly owned subsidiary of Newgen based in Dubai, encompasses solutions for Corporate Finance Origination, Retail Finance Origination, and Customer Communication Management. The contract is set to be executed over a period of two years.
This international agreement marks a substantial business development for Newgen, as it continues to expand its footprint in the Middle East. The transaction is not classified as a related party transaction under the Companies Act, 2013.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).