Maveric Invests Rs. 20-Crore
posted in Outsourcing News and Top Outsourcing deals |Source: www.business-standard.com
Maveric Systems Ltd, a third-party software testing company, in a bid to double its revenue, is charting a growth plan that involves an investment of Rs. 20-crore for the current fiscal year.
Posting a revenue of Rs. 27-crore for the year 2006-07 as against Rs. 15.50-crore the previous year, Maveric’s profit after tax shot up 225% from Rs. 1.40-crore of the previous year to Rs. 4.55-crore.
Ranga Reddy, CEO - Maveric Systems, while addressing a press conference said the partnership alignment in UK and West Asia helped improve delivery management of the company, increasing the overseas revenue mix from 40% to 70%, which has led the firm to attempt an 80% increase this year.
A target that is believable, as only recently, Chennai-based Maveric’s testing services bagged the firm three orders worth Rs. 5-crore from Dubai Municipality, Dubai Islamic Bank and Emirates Bank.
And as a part of its growth plans, the company plans to invest Rs. 8-crore in creating additional infrastructure and Rs. 12-crore in other initiatives like establishing centres of excellence for banking, insurance and automation verticals, including UK and Ireland operations. The Rs. 20-crore expansion programme will to be funded through a combination of internal accruals and debt.
An additional 20,000-sq. ft. of space will be created in Chennai for seating 400-people, taking the company’s total headcount to 800 by year-end. As for providing support to its UK operations and Irish clients, Maveric will be setting up a near-shore facility in Ireland. With all legal formalities completed, the facility is expected to commence operations very soon.
According to Reddy, the centres of excellence will focus on the development of methodology and tools that will help Maveric offer its solutions in an attractive though effective manner, and it expects these centres to be its future growth drivers.
With an office already set up in New Jersey, USA, Maveric during this year expects the US market to contribute more revenue than before.
