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Our Bureau

Mr I. Ranga Reddy

Chennai , July 20

MAVERIC Systems Ltd, an independent software testing company, today said that it has added three clients in the banking, financial services and insurance sector. The company hopes to double its turnover to Rs 14 crore at the end of 2005-06.

The clients that Maveric has added are GE Capital International Services (GECIS), SBI, and Indian Bank.

The initial contract value for Indian Bank is Rs 85 lakh while GECIS and State Bank will together contribute revenues in excess of Rs 1 crore during this year, according to Maveric officials.

Mr I. Ranga Reddy, CEO, told newspersons that the Indian Bank deal, bagged through a competitive bid, involved complete testing of the bank's core banking solution. A 30-member team will start initial work.

For GECIS, Maveric will set up a 40-member office in Hyderabad, which will be increased by another 20 employees. The GECIS contract involves functional and performance testing.

The SBI contract covers core banking, trade finance, and treasury functions and spans domestic and foreign offices. Maveric hope that SBI would be an anchor client for its Mumbai operations.

Mr Reddy said that the Mumbai team would go up from 30 now to 80 by the year-end and to 150 by 2006-end. The Mumbai office is targeting revenues of about Rs 4.5 crore.

The company's Chennai and Bangalore offices are gearing up for a business of about Rs 4.5 crore each. Maveric plans to add 100 people over the next two quarters.

Mr Reddy said that the company was planning an investment of about Rs 4.5 crore, most of which would come from internal accruals.

For its fund requirement for next year, the company would decide later this year whether it would go in for a second round of venture capital assistance or an IPO.

Mr Arun Jain, Chairman and Managing Director of Polaris Software Lab, holds 33 per cent stake in Maveric Systems in individual capacity while Mr Ranga Reddy and four others are the other promoters.

Of the Rs 14-crore revenue expected this year, overseas operations would contribute 25 per cent. In the next fiscal, the company hopes to get 40 per cent of its anticipated revenues of Rs 24 crore from abroad. It has an office in the UK now.

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