IDG Ventures India and Ascent Capital Invest in Newgen Software
NEW DELHI, February 4, 2014-- Newgen Software, a leading global provider of Business Process Management (BPM), Enterprise Content Management (ECM) and Customer Communication Management (CCM) solutions has raised equity capital from IDG Ventures India and Ascent Capital. Avendus Capital was the financial advisor to the transaction. The investment will be used to strengthen presence in USA and other major developed markets, as well as in new product development.
Commenting on the occasion, Mr. Diwakar Nigam, the Managing Director of Newgen Software and a founder member of NASSCOM, said, "I am pleased that IDG Ventures India and Ascent Capital have placed their confidence in us. The investment will be used to drive global expansion particularly in the USA and other major developed markets. Another significant area of focus would be product development and we would like to continue delighting our customers through product innovations."
"We are extremely excited to partner with Newgen, which is a global software product leader and a role model for budding Indian product startups. Enterprise software is a key area of focus for IDG Ventures India, and Diwakar has been a pioneer in the space. We look forward to Newgen's continued rapid growth across areas such as cloud and mobility," said Mr. Sudhir Sethi, Founder, Chairman and Managing Director, IDG Ventures India.
Mr. Raja Kumar, Founder, MD and CEO at Ascent Capital, said, "Newgen's founding team has immense domain expertise and the company has marquee global customers. We are excited to partner with the company during their next phase of growth across products and geographies."
Commenting on the transaction, Mr. Aashish Bhinde, Executive Director at Avendus Capital, said, "Newgen is one of the few software product companies from India that has built a strong competitive position in the global technology market (in the BPM/ECM segments). They have been delivering best-in-class solutions to clients the world over and growing aggressively. We are excited to have facilitated the induction of IDG Ventures & Ascent Capital to partner with Newgen on its next phase of growth."
Newgen has been recognised consistently in world's leading analyst reports like Gartner Magic Quadrants and Forrester Waves as well as reports by IDC, Ovum and so on.
About Newgen Software:
Newgen Software Technologies Limited is a leading global provider of Business Process Management (BPM), Enterprise Content management (ECM) and Customer Communication Management (CCM).
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