Chennai: City-based Maveric Systems Ltd (MSL), an independent software testing company, will set up a 40-member research centre in the Indian Institute of Technology-Madras (IIT-M) Research Park, a top official said here Wednesday.

"The company has set a goal of generating around 30 percent revenue from intellectual property (IP)-based services by 2012. The alliance with IIT-M Research Park will enable us to achieve that goal," MSL executive director V.N. Mahesh told reporters.

The move is a pioneering initiative to co-locate about 100 companies with IIT-Madras in order to give research and development and innovation a significant thrust through industry-academia collaboration, said IIT-M Research Park chief executive officer Sandhya Shekhar.

Maveric's team will work closely with the academia here through a combination of research projects, consultancy, student sponsorship and joint IP development activities to create innovative IP.