Newgen Software jumps on securing patent

Newgen Software Technologies added 5.12% to Rs 201.15 after the company secured a patent for a system and method for automatic quality assessment of digital documents.

Newgen Software Technologies announced on Monday (2 March) that the Indian Patent Office has issued a patent for its system and method for the automatic quality assessment of digital documents. The patent is valid for 20 years until 24 March 2030.

This invention is related to making digital versions from scanned documents. It automatically compares and checks the similarity between the digital copy and the scanned copy, thereby ascertaining the quality of the digital document and deciding whether the original document needs to be digitized again.

"We are pleased with the issuance of this patent. It underscores our focus and ability to deliver state-of -the-art products and solutions. We will continue to innovate and enable our customers with cutting-edge applications that will help them stay ahead of the curve," said Diwakar Nigam, MD and chairman, Newgen Software.

Annually, Newgen invests 7-8% of its revenue in research and development and is currently building a skilled team of over 370 people with deep domain expertise, the company said.

Newgen Software Technologies' consolidated net profit surged 467.77% to Rs 23.96 crore on a 20.09% jump in net sales to Rs 184.95 crore in Q3 December 2019 over Q2 September 2019.

Newgen Software Technologies provides business process management (BPM), enterprise content management (ECM), customer communication management (CCM), document management system (DMS) and workflow and process automation software.

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