Newgen Software Technologies rose 2.86% to Rs 204.85 after the company said on Tuesday that the US Patent Office has issued a patent for its mark detection system and methodology.
Newgen Software is a global provider of low code automation platform managing content, processes, and communication. Its mark detection system is used to identify marks, like tick and cross marks, on document images. These marks are generally made on hard copies during document review or verification and hinder the extraction of useful data on the document.This invention helps to identify these marks, which are then removed before the document is sent for extraction. This results in higher extraction accuracy for such cases.
"The issuance of this patent recognises our commitment and effort towards driving digitisation and optimising the document management cycle while ensuring security and compliance," said Anand Raman, Executive Vice President and Chief Operating Officer at Newgen Software Inc.
Newgen invests 7-8% of its revenue on research and development each year and is currently building a skilled team of over 370 people with deep domain expertise.
On Monday, 2 March 2020, Newgen Software announced 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.
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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