Maveric Systems, a tech service company catering to the banking and financial sector, is eyeing two acquisitions to widen its customer base in the US banking sector and add AI and regulatory capabilities, with a total investment of $90 million. It aims to nearly double its revenue to $160 million in FY2027, from its current level, betting its growth on strategic acquisitions and increased revenue from Al projects.
While the company plans to fund $35 million for its first acquisition through internal accruals and bank debts, it plans to raise external capital for its second acquisition. It is in talks with a global private equity firm and an Indian merchant bank for securing capital for the second phase, said Ranga Reddy, chief executive of Maveric Systems, without revealing the name of the entity and the quantum of funding. The company plans to go for IPO in early 2027. ” We are pivoting to be operations and tech transformation partners using AI data and automation, focusing on areas such as wealth management, lending, customer and regulatory service,” he said. It has the top 10 US banks and fintechs as its clients.
“Large banks have identified 10-15 most critical use cases, evaluated and established platforms and tools, and prepared a governance structure. This has increased the proportion of AI-related revenue for us from 4% of the total in 2024-25 to 10% in the first quarter. We expected this to hit 30% by the end of the current fiscal,” he said.
About the Author
As CEO and Co-founder, Ranga, strategizes and spearheads Maveric’s pursuit to become one of the world’s top three Bank-Tech solutions specialists transforming digital ecosystems of retail banking, corporate banking, and wealth management. For more than twenty years, Ranga’s laser focus has created an organization that learns, experiments, and innovates through its passionate people and ‘free radical’ practices. His customer success obsession is evident in Maveric’s industry-renowned solutions across pressing challenges in CX, Digital Ops, Regulatory compliance, and connected core domains.
Originally published in Times of India
