Newgen Software Technologies: A turnover of $ 1 million set for fiscal year 2015/16

The company offers software solutions for the financial industry. It aims to tap into the potential of smaller markets and francophone Africa through a presence in Mauritius via its partner DCL.

The Vice President Channels – World Wide of Newgen Software Technologies, Manojit Majumdar was in Mauritius recently to present the solutions the company offers to the finance industry. Newgen, which was founded 23 years ago, commercialises software solutions for Enterprise Content Management, Business Process Management and Communications Management. It employs around 600 persons worldwide with offices in India, Singapore, the United Arab Emirates, Canada and the United States as well as a presence through partnership in various countries.

In Mauritius, Newgen has partnered with DCL to extend its range of products to the local market. “We have signed up with partners in 58 countries so far. Mauritius happens to be one such country where we are trying to set up a partner network. The idea behind coming to Mauritius was to talk to potential customers and show them what advantages the solutions provide,” says Manojit Majumdar.

The software proposed aims at trying to help customers go about implementing solutions, solving complex problems related to processes and tracking documents. It is mainly destined for banks and financial institutions but can also be of interest to governmental institutions, according to Manojit Majumdar.

There are two types of solutions offered: one firstly aimed at the primary clientele (high-end solutions) such as banks, financial institutions and insurance companies. The second option or the lower-end solutions are meant for anyone having a lot of documents that need to be managed.

“What we are saying is that you can actually start with a solution that is less than a thousand dollars. Through DCL, we are reaching out to the market. DCL is one of the main hubs of Newgen and we intend to work with smaller partners as well,” states Manojit Majumdar.

These solutions, he adds, could be of particular interest for banks, since these organisations can actually notice a gain in profitability by using the software proposed by Newgen. “Case studies done by Deloitte show that a bank can gain between 135 and 195% as return on investment over a period of three years by using these solutions,” he highlights.

The Mauritian market contains viable potential in terms of demand for these products in spite of its small nature, observes ManojitMajumdar. For him, the market is slowly expanding and people are becoming more aware of the benefits of software solutions for their enterprises. “We hence think it’s the right time to come up with these offers,” he notes.

Newgen is thus banking on a turnover of $ 1 million during its first financial year of operations on the Mauritian market which runs from April 2015 to March 2016. This would be resulting from the conclusion of mainly high-value deals, varying from $250,000 to $500,000 per deal, while smaller deals range from $25,000 to $50,000.

“We are also targeting organi-sations and companies that will be in need of such solutions three to four years from now and coaxing them to start with a thousand-dollar solution. The market exists and the $ 1 million turnover target can be met by landing two big deals itself,” observes Manojit Majumdar.

With the positioning of Mauritius as a gateway into Africa, it is no surprise that Newgen intends to use its partnership with DCL and presence in Mauritius to land new deals on the continent. The company is already reasonably present in South Africa, Kenya and Rwanda as well. It is now looking forward to tapping into the market of French speaking countries. “We are trying to do business with some of the French speaking countries of the African continent such as Algeria and Morocco. However, these are places where the language barrier becomes an issue. The bilingual nature of Mauritius will be an advantage in this matter,” underlines Manojit Majumdar.

Newgen has been registering an annual growth rate of 25 to 30 per cent for the past three years. Looking ahead, it intends to pursue its Africa strategy and come up with software solutions for smaller market segments and microbusinesses.