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FOCUS ON R&D: Mr Ranga Reddy, CEO, Maveric Systems Ltd, at a press conference in Chennai on Thursday. — Bijoy Ghosh

Chennai May 10 Maveric Systems, a Chennai-based third party software testing company, plans to invest around Rs 20 crore on centres of excellence, infrastructure expansion and setting up overseas operations.

Automation Tools

Mr Ranga Reddy, CEO, Maveric, told journalists here today that the centres would focus on research and development of software automation tools and testing solutions for insurance, retail banking and investment banking. The funding for the expansion will come from internal accruals and borrowings from banks.

Maveric, which doubled its employee strength to 440 last fiscal ending March 2007, plans to launch a new 20,000 sq ft facility in Chennai to seat around 400 additional employees by end of the current fiscal, he said. The company has forayed into Ireland with a near-shore facility there to support its UK operation, and entered the US to tap the growing need by companies for third party software testing, he said.

Results

For 2006-07, Maveric reported a net profit of Rs 4.55 crore on revenues of Rs 27 crore compared with a net profit of Rs 1.40 crore and revenues of Rs 15.50 crore during the previous year.

During the current quarter, Maveric won orders from Dubai Municipality, Dubai Islamic Bank and Emirates Bank. It will provide functional and performance testing services for Dubai Municipality.

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