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Mavric Systems Records 74% Growth in Revenues

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Mavric Systems Records 74% Growth in Revenues

Chennai, Tamil Nadu, India

Maveric Systems, one of India's top three independent software testing companies with a strong focus in the banking, financial services and insurance (BFSI) vertical today announced their audited results for the year ended 2006 - 2007. Maveric Systems posted a revenue of Rs 27.00 crores, as against Rs.15.50 crores in the previous year. The company also experienced a 225% growth in PAT at Rs 4.55 crores as against 1.40 crore in 2005 - 2006.

Maveric Systems have further bolstered its Middle East operations with three huge order wins namely Dubai Municipality, Dubai Islamic Bank and Emirates Bank. As part of the engage ement, Maveric Systems will provide functional and performance testing services for Dubai Municipality and Emirates Bank and customised Islamic banking testing suite of services for Dubai Islamic Bank. Maveric's proven track record in the BFSI segment played a pivotal role in clinching these deals.

"We have grown at an exponential rate, owing to our sound expansion strategy focused on penetrating into global markets. Experiencing a growth of 244%, the UK operations have contributed 62% to our revenues. Combined with this, the three huge order wins of Rs 5.00 crores has further strengthen our foothold in the Middle East market", said Mr. Ranga Reddy, Chief Executive Officer, Maveric Systems.

Maveric Systems has charted an ambitious growth plan for next year, aimed at doubling the current revenues. The key strategic business initiatives planned include:

-- Entry into the US market - Maveric Systems has made a foray into the US market with an eye on maximizing offshoring of testing services. Established at an investment of approx. Rs 5.00 crores, the newly set up office is located at New Jersey.

-- Setting up of Centres of Excellence - In line with the strategy emphasising on constant innovation, the Centres of Excellence will focus on R&D and development of automation tools, sophisticated, next generation testing solutions for insurance, retail banking and investment banking. This is the first-of-its kind initiative by an independent testing player in India.

-- Ramp up of headcount - To support the aggressive expansion plans, Maveric Systems has more than doubled its employee strength to over 440 people from 200 in 2005 - 2006. They have launched a new 20,000 sq.feet facility in Chennai which will seat approx. 400 additional staff by the end of the financial year and has the capability to seat another 1000 for the offshore delivery centre which would have customized unit for major clients.

-- Launch of Ireland operations - Supporting the UK operation, Maveric has set its foot into Ireland which will be an important near-shore facility.

Established in the year 2000, Maveric Systems has been at the forefront on innovation in the independent software testing space. In 2006, they entered into an exclusive strategic partnership with Mission Assurance and Testing Ltd, a leading UK-based independent software testing provider. As part of its industry - academia partnership, Maveric Systems has tied-up with renowned B-School, LIBA to train students to become skilled software testing professionals.

About Maveric Systems Ltd

Maveric Systems Ltd. is one of India's top three independent software-testing companies with a strong and dedicated focus in the banking, financial services and insurance verticals since the year 2000. Over the past seven years, Maveric has been pioneering the outsourcing model in software testing by virtue of its insightful knowledge in the banking and financial services vertical, strong core management team and multi-locational testing facilities. As a leading pure-play, independent software testing company, Maveric significantly enhances the functionality, usability and performance of IT solutions, empowering its customers with a definite cost advantage. Maveric's impressive client profile includes a wide array of leading software product companies, system integrators and financial institutions. With employee strength of over 400, Maveric has a significant presence in Bangalore, Chennai, Mumbai, Dubai and London.

For more information on Maveric Systems, please visit www.maveric.co.in

rangar@maveric.co.in anu.lakshman@ipan.com

Source: Maveric Systems (Business Wire India)

Press release presented here is sourced from the Source mentioned above and is provided on as-is basis. Please contact the Company / Source directly for any further information in regard to this release. This website will be unable to assist you in regard to the accuracy or correctness of information in this release.

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