CHENNAI: Banking-tech provider Maveric Systems aims to cross $500 million in annual recurring revenue in a 8- 10 year timeline from $80 million at present by expanding its customer base and through acquisitions. The company said it is on track to touch $100 million run rate this fiscal.
The Chennai-based company provides information technology services for the banking sector, including global banks, plans to widen its customer base to tier-2-3-4 banks in the US and expand service areas to customer experience, regulatory reporting and financial crime management, quality assurance and digitalisation.
P Venkatesh, co-founder and director (thought leadership), said the company’s growth would be primarily driven by operations and technology services, which focuses on digitalisation and modernisation of legacy banking technologies, as well as through strategic acquisitions. While the IT spending by banks has slowed down in the North American market, the focus has shifted towards retention of existing customers rather than acquiring new customers, he said. Venkatesh further added with adoption of artificial intelligence, middle and back office automation is prioritized.
The company’s plan is to acquire two companies in the US with expertise in regulation and consulting and an Indian firm to improve technology capabilities. He said the acquisitions would take around $100 million which will be met with internet accruals, credit and later with initial public offering proceeds. The company plans to tap the markets in 2026.
Within the banking sector, Maveric Systems decided to focus on sub-verticals such as retail banking, lending, payments, capital markets and wealth management. It also aims to expand its operations in the Middle East and the UK.
About the Author
As the Co-founder and whole-time Director at Maveric, P Venkatesh (PV) leads the global thought leadership function aimed at shaping and promoting Maveric’s perspectives as well as expertise in the banking technology space. By building relationships with industry influencers, partners and BankTech ecosystem leaders, PV drives creation of impactful frameworks, methodologies and landscape reports that provide informed perspectives on new age technologies that shape the BankTech space.
Originally published in TOI
