Newgen Software Technologies’ subsidiary in Saudi Arabia has signed an agreement with a leading public sector bank to design and develop a loan origination system. The deal is valued at SAR 15,982,125 (approximately Rs.38.64 Crores). The project includes perpetual licensing, implementation, and one year of support. It is expected to be executed over 2 years.
Saudi Arabian Project
A wholly-owned subsidiary of Newgen Software Technologies has secured a project to design and develop a loan origination system for a leading public sector bank in Saudi Arabia.
Contract Details
The agreement encompasses designing and developing a loan origination system, including perpetual licenses, implementation, and one year of support services following the go-live date.
Financial Impact
The total value of the contract is SAR 15,982,125 (Saudi Riyals Fifteen million nine hundred and eighty-two thousand one hundred and twenty-five only), inclusive of taxes. This translates to approximately Rs.38.64 Crores (Indian Rupees Thirty Eight Crore and Sixty Four Lakh Only), inclusive of taxes.
Project Timeline
The project is expected to be completed within a period of 2 years.
Source: BSE
