New Delhi, Nov. 18 -- Newgen Software Technologies (UK), a wholly owned subsidiary of digital transformation firm Newgen Software, has bagged a master services agreement with a UK-based customer. The deal is valued at about £1.5 million. Newgen will be delivering AWS managed cloud services and implementation services.

Under the three-year contract, Newgen will provide its "Contract Management platform across the Enterprise, helping users create and manage Policy Documents", the company said in an exchange filing on Tuesday.

In the quarter ending September 30, Newgen announced a significant growth in revenue and profit. It registered a revenue of Rs.401 crore, up by 11% from the previous quarter. Profit after tax (PAT) grew by 16% year-on-year to Rs.82 crore.

A key driver of this growth was the company's subscription revenue, which saw a 20% year-on-year increase to Rs.126 crore. Newgen is focused on expanding its revenue streams, which include cloud/SaaS, support, and subscription licenses, that collectively contributed Rs.234 crore to the revenue. Newgen acquired 15 new customer logos during the quarter.

Newgen chief executive officer Virender Jeet said during the analyst meet that most of the deals have come from outside India.

"We had deals coming from Australia, the U.K., and some from the U.S.; compared to other quarters, these were significantly more for the same period. Now these deal wins are generally -- most of them are subscription-based deal. So they don't have any immediate effect on the revenue for that quarter. While previously, our deal acceleration was happening in markets like India and the Middle East, which had upfront license revenue realization," he said. He said that while the overall business momentum looked good, their products were gaining more relevance, and they were winning more deals, one thing was still missing. The large licence deals in the India and Middle East markets remained lower than the previous year, or roughly the same. He added that they usually expected at least 30% growth in licence revenues in these markets.

Published by HT Digital Content Services with permission from TechCircle.