Maveric Sys to up its headcount

By agencies   |   Thursday, 21 July 2005, 07:00 Hrs
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CHENNAI: Software testing major Maveric Systems today said it would invest $ one million this year to expand operations to Mumbai and Hyderabad, and increase its headcount from 30 to 150 people by the end of this fiscal.

The Chennai-based banking and financial services software testing firm also announced three customer wins in India viz., GE Capital International Services, SBI and the Indian Bank that would bring in revenues over Rs one crore this year.

"These three wins further enrich our track record in banking and financial services and showcase our leadership and commitment to the domestic market. Our next big step is to penetrate into the global markets," said Ranga Reddy, CEO, Maveric Systems.

He said the company would add 100 people in the next two quarters, besides open centers in Mumbai and Hyderabad. "The main drivers in Mumbai are the presence of large financial institutions both Indian and foreign. Pune will be a key market serviced from Mumbai," Reddy said.

Maverick Systems was targeting Rs 15 crore revenues by this year-end and Rs 25 crore the next fiscal, he said.

He said the Hyderabad office, which will be opened this year, would aimed to support its client GECIS.

On the client wins, he said the initial contract value for Indian Bank was Rs 85 lakhs. The deal with SBI has earned the company Rs 50 lakh.

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