Newgen's US arm wins a $5.48 million contract from a health insurer

Newgen Software Inc. signed a three-year agreement with a US health insurance company to supply, implement and host the NewgenONE CAG solution.

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What happened

Newgen told the exchanges on 28 September that its US subsidiary, Newgen Software Inc., signed an agreement with a health insurance company for supply, installation, implementation and cloud hosting of the NewgenONE CAG solution.
The contract is worth US$54,75,020, about ₹52.55 crore, and runs for three years, Business Standard reported.
The insurer is not named in the report.

Why it matters

Good to know: A material subsidiary is one whose income or net worth is large enough that its contracts have to be disclosed by the listed parent.

Key facts

Value: US$5.48 million (~₹52.55 crore)
Term: Three years
Customer: US health insurer (not named)

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