Maveric Systems, one of India's top three independent software testing companies with a strong focus in the banking, financial services and insurance (BFSI) vertical today announced their audited results for the year ended 2006 - 2007.
Maveric Systems posted a revenue of Rs 27.00 crores, as against Rs.15.50 crores in the previous year. The company also experienced a 225% growth in PAT at Rs 4.55 crores as against 1.40 crore in 2005 - 2006.
Maveric Systems have further bolstered its Middle East operations with three huge order wins namely Dubai Municipality, Dubai Islamic Bank and Emirates Bank. As part of the engagement, Maveric Systems will provide functional and performance testing services for Dubai Municipality and Emirates Bank and customised Islamic banking testing suite of services for Dubai Islamic Bank. Maveric's proven track record in the BFSI segment played a pivotal role in clinching these deals.
"We have grown at an exponential rate, owing to our sound expansion strategy focused on penetrating into global markets. Experiencing a growth of 244%, the UK operations have contributed 62% to our revenues. Combined with this, the three huge order wins of Rs 5.00 crores has further strengthen our foothold in the Middle East market", said Mr. Ranga Reddy, Chief Executive Officer, Maveric Systems.
Maveric Systems has charted an ambitious growth plan for next year, aimed at doubling the current revenues. The key strategic business initiatives planned include:
- Entry into the US market - Maveric Systems has made a foray into the US market with an eye on maximizing offshoring of testing services. Established at an investment of approx. Rs 5.00 crores, the newly set up office is located at New Jersey.
- Setting up of Centres of Excellence - In line with the strategy emphasising on constant innovation, the Centres of Excellence will focus on R&D and development of automation tools, sophisticated, next generation testing solutions for insurance, retail banking and investment banking. This is the first-of-its kind initiative by an independent testing player in India.
- Ramp up of headcount - To support the aggressive expansion plans, Maveric Systems has more than doubled its employee strength to over 440 people from 200 in 2005 - 2006. They have launched a new 20,000 sq.feet facility in Chennai, which will seat approx. 400 additional staff by the end of the financial year and has the capability to seat another 1000 for the offshore delivery centre, which would have customized unit for major clients.
- Launch of Ireland operations - Supporting the UK operation, Maveric has set its foot into Ireland, which will be an important near-shore facility.