Maveric Systems Ltd, a third-party software testing company, is charting a growth plan involving an investment of Rs 20 crore for the current fiscal to double its revenue.
The company posted a revenue of Rs 27 crore (Rs 270 million) for the year 2006-07 as against Rs 15.50 crore (Rs 155 million) in the previous year. Its profit after tax shot up 225 per cent to Rs 4.55 crore (Rs 45.5 million) from Rs 1.40 crore (Rs 14 million) in the previous year.
Addressing a press conference, Ranga Reddy, chief executive officer, Maveric Systems, said the partnership alignment in the UK and West Asia helped improve delivery management of the company and resulted in increased overseas revenue mix to 70 per cent from 40 per cent. The company will attempt to increase the overseas revenue mix to 80 per cent during this year.
Chennai-based Maveric had recently bagged three orders worth Rs 5 crore (Rs 50 million) from Dubai Municipality, Dubai Islamic Bank and Emirates Bank to offer its testing services.
As part of its growth plans, the company plans to invest Rs 8 crore in creating additional infrastructure and Rs 12 crore (Rs 120 million) in other initiatives like establishment of centres of excellence for banking, insurance and automation verticals and in UK and Ireland operations. This Rs 20 crore (Rs 200 million) expansion programme will be funded through a combination of internal accruals and debt.
The company will create a 20,000-sft additional space in Chennai with seating capacity for 400 people, taking the total headcount to about 800 by the end of this year.
To support UK operations and its Irish clients, the company is setting up a near-shore facility in Ireland. All legal formalities have been completed and the facility is expected to commence operations soon.
Reddy said the centres of excellence would focus on developing methodology or tools that would help the company offer its solutions in a more effective or attractive way. The company expects these centres to be the growth drivers in the future.
During this year, Maveric expects the US market to contribute more revenue as it has already set up an office in New Jersey.
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