BENGALURU: Digital transformation company Newgen Software, which recently acquired Number Theory, an AI/ML data science platform, has been witnessing an increase in its cloud business and also a steady rise in existing customers adopting the cloud model.
In an interaction with TNIE, Virender Jeet, CEO, Newgen Software, said, “We are seeing traction as enterprises take a platform-first approach and rely on digital transformation platforms for business value. We expect the growth streak to continue in 2022 as well.”
The company says that in 2022, enterprises will continue to invest in new-age technologies such as—AI/ML-led technologies, low code platforms, and automation of content-centric business processes.
According to Forrester, the artificial intelligence software market will approach $37 billion by 2025. Also, Gartner predicts that by 2024, 70% of enterprises will use cloud and cloud-based AI infrastructure to operationalise AI.
Talking about the acquisition, Jeet said that Number Theory is its very first acquisition. “This acquisition will further strengthen our low code digital transformation platform, NewgenONE, with AI/ML modeling and data analytics capabilities,” he said.
The company’s third-quarter net profit was Rs 48 crore and its total income was Rs 210 crore. The company, which has a market cap of over Rs 4,040 crore, is also planning to continue its hiring strategy.
Net profit at Rs 48 cr in Q3
The company’s third-quarter net profit was `48 crore and its total income for the quarter ended December 2021 was Rs 210 crore. Its subscription revenues have witnessed 20% growth Y-o-Y.