Board of Newgen Software Technologies approves acquisition of Number Theory Software

At meeting held on 18 January 2022

The Board of Newgen Software Technologies at its meeting held on 18 January 2022 has approved the acquisition of Number Theory Software (Target Company) as a wholly owned subsidiary company i.e., purchase of 100% of the paid-up equity shares of Number Theory Software from its existing shareholders, viz. Tarun Gulyani and Rajan Nagina subject to the completion of customary conditions precedent as stated in the Share Purchase Agreement.

Newgen will be making a closing payment aggregating to approximately INR 7.02 crore to the Promoters of Target Company towards 100% of the equity shares. Further, the Founders would receive deferred amount of an aggregate sum of Rs 7.02 crore in a staggered manner over a period of three years subject to certain conditions and their continued employment with Number Theory / Newgen. Further as a part of conditions precedent to the closing of the transaction, Newgen will also grant ICD of approximately Rs 2.41 crore to Number Theory to settle its outstanding dues such as dues to debentures holders, option holders, bank loan, directors' loan etc.

Post completion of the afore-mentioned acquisition that is subject to customary conditions precedent, the Target company will become a wholly owned subsidiary of the Company.

Number Theory brings AI to enterprises through its Enterprise AI platform and data science capabilities to help its customers accelerate innovation and grow revenue. Number Theory achieves the data to business value journey in matter of weeks at massive data scale by putting its enterprise data hub, data science platform, and prebuilt application.

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