Maveric Systems to double topline

Chennai: Independent software testing company Maveric Systems Limited has draw up plans to set up centres of excellence which would focus on research and development, development of automation tools, next generation testing solutions for insurance, retail and investment banking. The outlay for the project is estimated to be in the region of Rs20 crore and will be funded out of internal accruals.

Claiming to be one of the top three independent software testing companies in the country Maveric Systems closed FY07 with a turnover of Rs27 crore and an after tax profit of Rs4.55 crore up from Rs15.5 crore and Rs1.4 crore earned the previous year.

According to chief executive officer, Ranga Reddy, the company has received good orders from the Middle East market. The company has got orders from Dubai Municipality, Dubai Islamic Bank and Emirates Bank. The total size of the three orders is around Rs5 crore. The company has also opened an office in Ireland.

Looking forward Maveric Systems hopes to double its revenue this fiscal. The company has more than doubled its headcount to 440 people and has launched a new 20,000 sq.ft facility in Chennai.