Newgen Software Technologies L.L.C, a wholly owned subsidiary of Newgen Software Technologies Limited ( the Company ) incorporated in Dubai, has executed an Agreement with the Customer for software license, implementation and product software support. The aggregate value of the aforesaid Order is USD 2.22 Million (US Dollars Two Million Two Hundred Twenty Thousand Only).
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Newgen Software's wholly owned Dubai-based subsidiary, Newgen Software Technologies L.L.C, has signed an agreement with a leading bank in Kuwait for software license, implementation, and product support. The contract is valued at USD 2.22 Million, equivalent to about Rs. 20.54 Crore, and covers Corporate Finance Origination Solution (Islamic), Retail Finance Origination Solution (Islamic), and a Customer Communication Management System. The execution period is 2 years, and the customer name is being kept confidential. The order is international, in hard currency (USD), and no promoter or group company has any interest in the counterparty.
This is a moderate-sized international order (~1-1.5% of the company's annual revenue) that reinforces Newgen's presence in the Middle East banking sector, particularly in Islamic finance solutions. Positive for sentiment but unlikely to move the stock significantly on its own.