IDG Ventures India and Ascent Capital invest in Newgen Software

3rd February 2014 | By Mouseworld Now Correspondent |

New Delhi, India, February 03, 2014: Newgen Software, a leading global provider of Business Process Management (BPM), Enterprise Content Management (ECM) and Customer Communication Management (CCM) solutions has raised equity capital from IDG Ventures India and Ascent Capital. Avendus Capital was the financial advisor to the transaction. The investment will be used to strengthen presence in USA and other major developed markets, as well as in new product development.

Managing Director of Newgen Software and a founder member of NASSCOM Diwakar Nigam said “I am pleased that IDG Ventures India and Ascent Capital have placed their confidence in us. The investment will be used to drive global expansion particularly in the USA and other major developed markets. Another significant area of focus would be product development and we would like to continue delighting our customers through product innovations.”

Founder, Chairman and Managing Director at IDG Ventures India Sudhir Sethi 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.”

Raja Kumar, Founder, MD and CEO at Ascent Capital said, “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.”

Aashish Bhinde, Executive Director at Avendus Capital said, “Newgen is one of the few software product companies from India that has built a strong competitive position in the global technology market (in the BPM/ECM segments). They have been delivering best-in-class solutions to clients the world over and growing aggressively. We are excited to have facilitated the induction of IDG Ventures & Ascent Capital to partner with Newgen on its next phase of growth.”

 

© Mouseworld Now News Service

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