Newgen Software Technologies Ltd Secures Rs. 38.64 Crores Order in Saudi Arabia

Newgen Software Technologies Ltd has announced that its wholly owned subsidiary in Saudi Arabia has signed an agreement with a leading Public Sector Bank for the project of designing and developing a loan origination system. The aggregate value of the project is SAR 15,982,125 (Saudi Riyal Fifteen Million Nine Hundred and Eighty-Two Thousand One Hundred and Twenty-Five Only) inclusive taxes, equivalent to Rs. 38.64 Crores (Indian Rupees Thirty Eight Crore and Sixty Four Lakh Only) inclusive taxes. The project involves a perpetual license, implementation, and one year support services post go live. The transaction does not fall within the definition of a related party transaction as specified under the provisions of the Companies Act, 2013.