Ascent Capital and IDG Ventures Acquire a Stake in Newgen Software Technologies (Asia)

Source: VCCircle  |  Author(s): Bhawna Gupta

India-focused private equity firm Ascent Capital and venture capital firm IDG Ventures have acquired a minority stake in India-based document imaging solutions provider Newgen Software Technologies for INR800 million (approximately US$12.9 million). The transaction was structured through Ascent India Fund III and IDG Ventures India Fund II. Of the total deal amount, INR200 million (approximately US$3.2 million) was a fresh infusion of cash, while the rest went to buy a stake held by Asia-focused private equity firm Headland Capital Partners. Headland originally picked up around a ten percent stake in Newgen in late 2007.