Newgen Software’s US subsidiary, Newgen Software Inc. (NSI), has entered into an agreement with a leading financial institution in the U.S. The deal is valued at US $5.29 million (INR 46.54 Crore). The agreement covers annual software license fees, cloud hosting services, and other related services. The contract is expected to be executed over a period of 2 years.
Agreement Overview
Newgen Software Technologies Limited announced that its material subsidiary, Newgen Software Inc. (NSI), has secured a significant agreement in the United States. The agreement is with a leading financial institution. NSI will provide software licensing and cloud services.
Financial Details
The total value of the agreement is US $5.29 million, equivalent to approximately INR 46.54 Crore. This revenue will be recognized over the contract’s duration.
Services Provided
Under the terms of the agreement, Newgen will provide its software under an annual license fee. It also include cloud hosting services and other service fees. These solutions will support the financial institution’s operations.
Contract Duration
The period for the execution of this agreement is 2 years, offering predictable revenue over this timeframe.
Source: BSE