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Promoters of Maveric Systems will dilute their stake in the company to raise $6-9 million from private equity investors or venture capital funds.
As an angel investor, Arun Jain, Founder, Polaris Financial Technology, has a stake in his personal capacity in the privately held Maveric.
Advisor appointed
The Chennai-based company has appointed MAPE Advisory Group to find a potential investor, according to Ranga Reddy, Co-founder and CEO, Maveric.
The funds will be used to scale up operations and invest in intellectual property. The company’s valuation and the quantum of dilution are yet to be decided. “We hope to close the funding by January,” he said.
Maveric has repositioned as assurance service provider than just a software testing provider.
“We provide the product spanning the entire lifecycle. We have expanded our services portfolio and are ramping up fast to tap the global assurance market, which is expected to be around $39 billion,” he said.
Earlier, it used to take a six-member team and three months to do the assurance. Through the new product, this has reduced to three weeks with two people, he said.
Reddy said the company hopes to end the fiscal ending March 31, 2014 with revenue of Rs 128 crore against Rs 96 crore in the previous year. Employee strength will reach around 1,100 from over 700 last year.
Maveric has around 40 clients and hopes to expand its presence in the US, the UK and West Asia.
raja.simhan@thehindu.co.in
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