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India’s Newgen Software wins private equity backing to support US expansion

4 Feb 2014

Newgen Software, an India-headquartered provider of business process management, enterprise content management and customer communication management services has raised equity capital from technology investor IDG Ventures India and regionally-focused private equity firm Ascent Capital.

The investment will be used to strengthen presence in US and other major developed markets, as well as in new product development, the company said.

“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 Sudhir Sethi , managing director, IDG Ventures India.

Raja Kumar, CEO at Ascent Capitalm, added, aid, “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.”

Newgen has a global footprint of over one thousand installations in over 50 countries with large, mission-critical solutions deployed at banks, insurance firms, BPO’s, healthcare organizations, government, telecom companies & shared service centres

IDG has more than $6bn under management, with the world’s largest IT media company, International Data Group, as its lead investor and sponsor.

India-focused Ascent Capital currently manages some $600m across three funds.

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