Chennai-based Maveric Systems Ltd, a software testing company, is targeting a 30 percent increase in revenue this fiscal over that of last year through a change in its business model.
“Last two years have been flat. However, we are seeing good traction from the first quarter,” said its CEO Ranga Reddy without giving any numbers.
Maveric provides software quality assurance services across IT lifecycle for key banking domains, including retail banking, corporate banking, payments.
It reported a revenue of ₹176 crore for fiscal ended March 31, 2017. The company added nearly 400 employees, including 120 in the relatively new telecom vertical, in the last two years to the present 1,050, he told Business Line.
Arun Jain, Managing Director of the Chennai-based Intellect Design, is a major investor in his personal capacity, he said. When the business was plateauing, the company changed its business model a year back to increase profitability from existing clients, he said.
Traditionally, on behalf of users — a bank or an insurance company — Maveric tests and examines whether a system is fit for use or not. This was contributing to the majority of revenue till two years ago. However, today nearly 60 percent of revenue comes through this legacy service and remaining 40 percent from new technology by offering clients value-added services, he said.
For example, Maveric which may be doing data quality assurance for a client will pitch to test for any loss of integrity in data. This value addition helps in improving profitability, he said.
Maveric has a total of 47 customers, including some of the top tier-I global banks and added the telecom vertical a few months back with vendors like Ericsson and Huawei.