IDG Ventures India and Ascent Capital have invested in Newgen Software, a provider of Business Process Management (BPM), Enterprise Content Management (ECM) and Customer Communication Management (CCM) solutions.
The company did not disclose the size of the fund.
The funds will be used to strengthen presence in the U.S. and other major developed markets, as well as in new product development.
“The investment will be used to drive 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,” said Diwakar Nigam, managing director of Newgen Software.
Newgen Software has a global footprint of 1000+ installations in more than 50 countries with large, mission-critical solutions deployed at banks, insurance firms, BPO’s, healthcare organizations, Government, telecom companies and shared service centers.