Maveric Systems aims at Rs.120 crore in FY 2012-13

MUMBAI, INDIA: For Chennai based Maveric Systems, the current sluggish economic scenario is offering more opportunities to drive its revenue and business.

With expanded offerings this year that includes Program Assurance, Process Assurance and Application Assurance service, Maveric Systems is seeing a significant role in the market as there's increasing pressure on IT spending.

''Today with low-IT spending, most players want to consolidate their IT vendors. In this process of consolidation we are offering end-to-end assurance lifecycle services to clients with renewed focus on delivering value to IT clients. So this fiscal we are having better revenue than past years,'' Ranga Reddy, Maveric's Co-founder and CEO told CyberMedia News over phone.

''We are growing in a range of 30-35 per cent this fiscal and want to close this fiscal FY2013 at Rs.120 crore. Our old services continue to generate 80 per cent of total income and 20 per cent comes from new services that include Program, Process and Application Assurance,'' Reddy said.

Already Maveric Systems has signed two major deals with global European and American banks early this year. It largely operates in the APAC, Middle East and UK markets with strong focus on banking and insurance vertical.

The Middle East region contributes around 45-50 per cent business, while 30 per cent comes from UK and followed APAC with remaining 20 per cent. In terms of clientele, it has global players as well as some Indian IT clients.

Compared to last year, the company is seeing a shift among clients this year. Today, the clients are looking for definition and assurance management, assurance of application quality and multi-stage testing with high user engagement in software development, according to Reddy.

''Earlier clients used to call us at the end of project to meet their requirements where the role or scope was very limited to software applications. But today they want us through out the entire lifecycle process and at every stage of development," he explained.

Although the shift is incurring an additional 15-20 per cent cost to clients, it does provide around 25 per cent higher benefits to vendors in terms of quality, validation, time reduction and quick implementation, Reddy pointed.

Given the robust demand, Maveric System is expanding its Mumbai office into a service delivery facility. In fact it will open a 150 seater-delivery center on Tuesday. With this new facility, the company will hire around 150 people by March 2013 and that will take the total strength to 950 people, Reddy informed.

While, Maveric Systems continues its focus on banking and insurance verticals, it is planning to enter the telecom and other sectors in the next fiscal. "We are examining telecom as of now and are preparing and building the capacity," Reddy added.

Moreover, the company will open an office in Dubai in January 2013 to go-out solo in the Middle East market, where it has been operating all these years through local partners.