Newgen Software to acquire Number Theory, an AI/ML data science platform company

SYDNEY,Jan. 20,2022 --Newgen Software,a leading provider of a unified digital transformation platform,is pleased to announce that it is acquiring India-based Number Theory,an AI/ML (artificial intelligence and machine learning) data science platform company,subject to the completion of conditions as stated in the approved Share Purchase Agreement.

Number Theory's platform,AI Studio,brings intuitive AI/ML to every enterprise,while unifying the entire lifecycle of data engineering,from data preparation to model development and monitoring. It empowers both citizen and expert data scientists to work faster and more efficiently,thereby helping in accomplishing key machine learning tasks in just hours or days,not months. This acquisition will further strengthen Newgen's low code digital transformation platform,NewgenONE,with AI/ML modeling and data analytics capabilities.

"Our customers are increasingly looking to leverage data for deeper insights and accelerated growth. Number Theory will bring domain expertise,along with a powerful engine to extract actionable insights in real time. AI/ML projects often get complex,expensive,and not rewarding. What we like about Number Theory's platform is that it is for every enterprise. It lets fusion teams build,deploy,and collaborate on the entire modeling lifecycle in low code and on cloud. We look forward to welcoming the Number Theory team to the Newgen family," said Virender Jeet,CEO,Newgen.

"Newgen has developed mission-critical and complex business applications for its customers across the globe,including for enterprises in the banking and insurance space. We felt that Newgen,with its strong customer portfolio and partner ecosystem,is the perfect growth partner. We are looking forward to helping our joint customers utilize their data in the enterprise with full potential using AI/ML technologies," said Rajan Nagina and Tarun Gulyani,co-founders of Number Theory.

About Newgen Software Technologies Limited

Newgen is the leading provider of a unified digital transformation platform with native process automation,content services,and communication management capabilities. Globally,successful enterprises rely on Newgen's industry-recognized low code application platform to develop and deploy complex,content-driven,and customer-engaging business applications on the cloud. From onboarding to service requests,lending to underwriting,and for many more use cases across industries. Newgen unlocks simple with speed and agility.

Media Contact;

meenakshi.arora@newgensoft.com