IDG India and Ascent Capital invest in Newgen Software
To strengthen its presence in the USA and other developed markets, as well as in new product development, Newgen Software has raised equity capital from IDG Ventures India and Ascent Capital.
Diwakar Nigam, Managing Director of Newgen Software & Founder Member, NASSCOM, 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.”
“We are excited to partner with Newgen, which is a global software product leader and a role model for budding Indian product start-ups. 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, Founder, Chairman & Managing Director, IDG Ventures India.
Newgen has been recognized consistently in world’s leading analyst reports like Gartner Magic Quadrants and Forrester Waves as well as reports by IDC, Ovum and so on.
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