Newgen Software Technologies Ltd Executes Agreement with Saudi Arabian Subsidiary for USD 1.632 Mn Software License and Related Services

Newgen Software Technologies Ltd, an Indian company, has executed an agreement with its wholly owned subsidiary in Saudi Arabia, Newgen Software Technologies Company Limited. The agreement, worth USD 1.632 Mn, is for the provision of software license and related services, including Annual Technical Support (ATS). This transaction does not fall under the definition of a related party transaction as per the Companies Act, 2013. The agreement has a term of 1 year and does not involve any interest of the promoter/promoter group/group companies in the entity that awarded the order.