Newgen Software Technologies is a prominent player in the global software product industry and is a provider of Business Process Management (BPM), Enterprise Content Management (ECM) and Customer Communication Management (CCM) platforms with large, mission-critical solutions deployed at world’s leading Banks, Governments, BPO’s and IT Companies, Insurance firms and Healthcare Organisations. Headquartered in New Delhi, it has its footprint in over 60 countries providing integrated solutions to 17 different industries and their solutions are being used in some of the leading Fortune 500 companies.
The company is working towards bringing about digital transformation in the critical operations of organisations. Over the years, they have enabled their clients to achieve greater agility, accuracy and efficiency in transforming business processes, managing information, enhancing overall customer satisfaction and driving enterprise profitability. Their products provide an amalgamation of information, content, technology, and processes which are the building blocks of becoming a digital workplace.
Newgen came out with their Initial Public Offering (IPO) in January this year, garnering a tremendous response from the investor market.Their public offer was subscribed 8.22 times over, which showcased the immense positive sentiment the company holds in the market. Since the listing, the stock has performed steadily and has touched high of Rs. 349.9 per share in the month of November.
The company released its first annual results after its listing and witnessed 20 percent growth YoY. In H1 FY’19, the company clocked 28 percent increase in total income. In addition, the company also witnessed a strong Cloud growth where in H1 FY’19.
Broad based growth across all key geographies with new customer addition
Newgen got a stronghold over EMEA, USA, APAC and India regions with YoY growth of 47 percent, 26 percent, 13 percent, and 13 percent respectively in Q2 FY’19. During this time, the company also added22 new customers including 5 in US. Major license deals include agreement with a leading inclusive bank in Africa, a savings bank in Philippines, the largest credit union in Northeast region of US serving members for 75+ years and a government authority based in Oman for records management.
Key recognitions
In 2018, the company was recognised by distinguished analyst firms including Gartner and Forrester for their innovative products. While in March, Newgen was positioned as a ‘Leader’ in report, The Forrester Wave™: Cloud-Based Dynamic Case Management (DCM), Q1 20181, in November it was cited as a Challenger in Gartner’s 2018 Magic Quadrant for Content Services Providers.2
This year, Newgen won the Asian Banker 2018 Award for Best Retail Payment Initiative at Bank Muscat, Oman. They were also felicitated as the Gold Stevie winner for ‘The Asia Pacific Stevie Awards 2018’ under the category – Innovative Use of Technology in Customer Service” in Financial Services Industries. Newgen was recently named the winner of Business Excellence for IT and IT Enabled Services sector at the Dun and Bradstreet – RBL Bank SME Business Excellence Awards 2018.
Constant focus on innovation with product version launches with new offerings
The company continues to enhance their low-code solutions with improved user interfaces, seamless integration capabilities and enhanced process management capabilities. They have added significant capabilities in Analytics and Mobility to our platforms for customer’s seamless digital journey.
Newgen Software Technologies has registered robust growth this year, coming out with advanced versions of its signature products. Their OmniDocs 10.0, released in May 2018 is an enhanced version of their much sought after ECM Suite. This feature rich version enables faster and accurate processing of documents and offers an improved user experience with an intuitive and refreshed user interface. In July, they released OmniFlow iBPS 4.0, an enhanced version of its BPM Suite which empowers knowledge workers to work beyond boundaries of the workplace and manage structured and unstructured processes more effectively.
Newgen Enterprise Mobility Framework 4.0, launched in November brings new features and functionalities simplifying the building and managing of enterprise mobile applications, making it easier, faster and more efficient. The company has also launched upgraded versions OmniScan 4.1 (ECM), OmniScan Web 3.0 (ECM), OmniOMS 8.3 (CCM) during this period, which ensures their clients a seamless digital experience.
In the last five years, Newgen’s top-line growth has been about 20 per cent year-on-year and they expect this growth momentum to continue. With multi-prong strategies including expanding business and geographical footprint, focusing on attractive verticals in select mature markets including the US and UK, the company is expanding its Strategic Business Applications to New Verticals. They are also doing focused R&D to expand their Product Portfolio.
1(Disclaimer: The Forester Information contained in this section represents data, research opinion or viewpoints published by Forester and is not a representation of facts. Forester disclaims all warranties, express or implied, statutory or otherwise, including without limitation any implied warranties of merchantability or fitness for a particular purpose, and warranties as to accuracy, completeness or accuracy of the Forester Information.)
2(Disclaimer: Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organisation and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.)
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