Newgen Secures $2.27 Million Deal to Boost Middle East Presence

27 Dec 2024 , 11:26 AM

Newgen Software Technologies Limited secured a significant $2.27 million purchase order through its fully owned subsidiary, Newgen Software Technologies Company Ltd., in Saudi Arabia. It will be completed within the timeline of one year, signifying Newgen’s deliverance of timely and effective solutions.

The company, meanwhile, stated that the promoters and any group of companies do not have an interest in the entity issuing the project, thus confirming the transparency and ethical aspects of business.

This purchase order, received from an international client, does not fall under related party transactions as defined by the Companies Act, 2013.

Newgen Software disclosed the update in a regulatory filing made at 12:23 PM, aligning with SEBI’s Listing Obligations and Disclosure Requirements, highlighting the company’s commitment to compliance and corporate governance.

This deal represents Newgen’s strategic focus on expanding the footprint in the Middle East as a region that is gearing up for growth in the software solutions and digital transformations.

This deal further reiterates the company’s focus on long-term vision regarding its establishment as a world leader in the software technology space. With this acquisition, Newgen Software establishes its reputation for innovation and transparency and further expands market presence.