eGeneration appointed to set up Bangladesh Insurance Authority data centre

eGeneration Limited, a renowned software firm, has recently signed an agreement with the Bangladesh Insurance Sector Development Project to set up a state-of-the-art data centre for the Bangladesh Insurance Authority.

As per the agreement, eGeneration will undertake the data centre project with the Insurance Development and Regulatory Authority – implementer of the Bangladesh Insurance Sector Development Project financed by the World Bank.

The cost of the data centre project is estimated to reach Tk15 crore.

Emran Abdullah, strategic sales director of eGeneration, said, "In 2023, the worldwide data centre market size is projected to be $342.10 billion, with a forecasted growth to reach $517.17 billion by 2030."

"With a focus on becoming a prominent player in Bangladesh and the region, eGeneration aims to invest in developing its capabilities which will enable the company to establish state-of-the-art data centres, advanced cybersecurity systems, and intelligent infrastructure, ultimately contributing to the creation of a smart Bangladesh" he added.

Md Mazharul Islam, chief financial officer of the company, said the Bangladesh Insurance Authority will get an automated server, which will accelerate the activities of the country's insurance sector.

As a result, documentation will be easy and quick, he added.

In the January-March period of 2023, eGeneration's net profit stood at Tk14.85 crore, which was Tk14.14 crore in the same period of the previous year.

Its net profit was Tk3.08 crore in the first quarter of this year, which was Tk3 crore during the same period last year.

The company's earnings per share was Tk0.41 and its net asset value per share was Tk22.26 at the end of March 2023.

As of 30 April 2023, sponsors and directors jointly held 37.77%, institutions 32.36%, foreign investors 0.53%, and general investors 29.34% of share of eGeneration.

The company's shares were stagnant at the floor price of Tk45.20 each on Tuesday, indicating stability in the stock market.