Financial Daily from THE HINDU group of publications
Thursday, Jun 12, 2003
Financial Daily from THE HINDU group of publications Thursday, Jun 12, 2003 |
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Info-Tech
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Outsourcing Newgen hopes to ride BPO wave Vishwanath Kulkarni
BANGALORE, June 11 RIDING high on the strong BPO (business process outsourcing) wave, Newgen Software Technologies, a homegrown solutions provider for business process, document management and workflow with business applications, expects to post 100 per cent growth in its products business over the next three years. "We are bullish on the Indian market as it is emerging as a major BPO outsourcing destination for the US and UK companies. We expect to double our product revenues by 2005-06 by targeting vendors here with our solutions," said Mr Punit Jain, Vice-President (Sales and Marketing). The company is projecting revenues of Rs 130 crore by 2005-06, up from Rs 35 crore last year. About 35 per cent of Newgen's revenues last year came from its products business, while the rest comes from its services business. The Indian market for BPM and workflow solutions is estimated at Rs 100 crore. Newgen's confidence on doubling its product revenues stems from the fact that verticals such as BPO, insurance, banks and telecom are in high investment mode, according to Mr Jain. The company, which has exposure to these verticals, planned to target them further aggressively, he added. The company has already forged alliances with major players such as Infosys, Wipro, Ramco and Hewlett-Packard. "We are also looking at tapping the overseas market, especially the non-US markets, for our products." Citibank Venture Capital has 18 per cent stake in the company, while Citibank and Canon, Japan are among Newgen's major customers for its services business. Its clients for BPM products include Wipro Spectramind, EXL, Nipuna, E Serve, Patni BPO and Transworks.
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