Maveric Systems plans to invest $34 mn on infra

Chennai: Maveric Systems, an independent software testing service provider, plans to invest $34 million in the next couple of years on infrastructure, scaling up its intellectual property-led services and business development.

The company will partly fund the amount through internal accruals and raise the balance through equity dilution, Mr V.N. Mahesh, Executive Director and co-founder, Maveric, said.

It will take some time to decide on the quantum of equity dilution, he told Business Line.

The Chennai-based company is expected to report a revenue of Rs 67 crore for fiscal ending March 2009 against Rs 43-crore expected for the current fiscal. It will add around 200 employees during next fiscal to take the total employee strength to 700, he said
New test design process
Maveric on Wednesday unveiled Testac, a test design process that gives clients the option to have an end-to-end testing done on an application — say a banking software.

Till now, testing was done on a portion of an application, he said.

Mr Ranga Reddy, CEO, Maveric, told reporters that the company has invested around $1 million in Testac, which would increase the company’s revenue by 30 per cent in the next three years.

The product is available in three different suites — Testac Retail Banking, Testac Wholesale Banking and Testac Islamic Banking.

Maveric has already deployed Testac for clients in the Middle-East.

The clients include the Dubai Islamic Bank, Bank Muscat and Emirates Bank. The company will target corporates in the banking, finance and BPO sectors in India and UK, he said.

Mr Reddy also said the company was looking at increasing its revenue to 30 per cent from IP(Intellectual Property) services from the current 12 per cent