From correspondents in Delhi, India, 06:32 PM IST

Newgen Software Technologies Limited, a New Delhi-based software product company today announced that SAP Ventures, a division of SAP AG, has invested in the company for a minority ownership. Newgen will use the proceeds to fund continued growth, including product development and acceleration of global expansion plans, particularly in new geographies across the world like USA. The company is targeting expansion of its sales and marketing operations from 30 countries at present to 100 countries in next four years.

Newgen Software is a provider of enterprise solutions for Business Process Management and Content Management in Banking, Financial Services and Insurance (BFSI), Business Process Outsourcing (BPO), Telecom, Manufacturing and Government segments. According to research firm IDC, Newgen Software is market leader in India and has a global footprint with substantial market share in regions such as the Middle East, Africa, and APAC.

“An integrated Content Management and Business Process Management platform is vital to successfully automate paper-based workflows and manage the enormous volume of digital content created,” said Ranjan Das, President & CEO, SAP Indian Subcontinent. “In line with our focus, I am delighted that SAP India is able to nurture innovation in the Indian IT Sector through this investment in Newgen by SAP Ventures."

“Newgen is one of India’s leading software vendor that has managed to establish a global footprint and we look forward to be part of the Company’s continued geographic and product expansion” said Jai Das who is an Investment Partner at SAP Ventures and manages its investments in India. “The Company has created a very compelling product for automating workflows and for managing business processes of enterprises in various market segments including BFSI, BPO and Telecom which has enabled the company to have significant year over year revenue growth. We hope to help Newgen build on the platform that it has already created.”

Speaking on this investment fromSAP, Mr. Diwakar Nigam, MD & CEO of Newgen said, “We are pleased thatSAP Ventures has chosen to invest in Newgen. It is a testimony to Newgen’s Imaging and Workflow products for Business Process Management (BPM). We have many installations where we complement SAP in the Manufacturing and BFSI market segment. There areobvious synergies between the products of SAP and Newgen and the investment will lead to closer working of the two companies which will help Newgen to grow faster and garner larger share offast growing BPM market."

Earlier this year, Newgen announced a significant investment of INR 300 million for a minority stake in the company by HSBC Private Equity (Asia). Now with SAP on board, Newgen is one of the rare software product companies to have backing from world's leading Financial Services and Technology companies that have extensive reach in overseas markets.

Source: Press Release Distribution via India PRwire