This quarter Q3, Fy24 was quite a weak quarter for the IT service provides (aggregators) in the financial space i.e. the IT companies which have clients in banking and insurance space (example Mphasis).
Whereas it was one of the strongest quarters both in terms of revenue and new deal wins for Newgen which is also servicing the clients in same space with the only difference that they are more of a product company and earn revenues mainly through licensing/subscription of their product rather than implementation of somebody else’s digital product.
This difference about their business model compared to other IT companies and with their expert product built over so many years might be a good bet and seems like it is getting a strong traction. I am not sure what is the USP here - product flexibility (modular design using low code tech), performance, high availability?
This is the most important factor to determine the sustainability of their deal wins. And I am not sure what is that
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