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Newgen on overseas expansion drive
By siliconindia
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Wednesday, 30 January 2008, 02:55 IST
Hyderabad: Newgen Software, a Delhi based document imaging and workflow management technology provider has embarked on overseas expansion, reported the Business Line. The company plans to expand its operation particularly in West Asia, Europe and South-East Asia.
The company recently received $7.5 million (Rs 30 crore) funding from HSBC Private Equity Asia a subsidiary of HSBC Asia Venture Fund. It is in the process of setting up its marketing offices in West Asia and some of the other Russian States.
"As a product company, the cost of marketing in a new geography is quite challenging. Apart from unfamiliar turf and language issues, this calls for local presence and marketing outfit," said, Diwakar Nigam, MD Newgen.
"Following the recent fund infusion by HSBC arm, we are in the process of expanding our presence in West Asia, where most of the banking and financial services companies are seeking to go global," he added.
"The company has two development-cum-support centers in India - Noida and Chennai, and serves a clutch of global banks and their Indian units such as Deutsche and HSBC. The company employs over 1,000 people and is now on course to revenues of about Rs 120 crore. We are growing at about 50-60 percent per annum. In about two years, we may consider an initial public offer," he told Business Line.
The company plans to open offices in Dubai in the first phase and looking at Ukraine and Austria. The company is in the process of finalizing plans for a campus in India, he said.
According to various research firms the market value for enterprise content management and document management is estimated at $10 to $20 billion and continues to expand driven by automation and compliance related mandates.