Maveric Systems aims to double revenue in four years

Our Bureau Mumbai | Updated on August 02, 2019 Published on August 02, 2019

Bets on banks’ rising IT spend

Banking technology solutions provider Maveric Systems is aiming to double its revenues to ₹650 crore over the next four years, banking on a rising IT spend by global banks.

The Chennai-headquartered company had posted revenue of ₹337 crore in 2018-19, with a 16 per cent EBITDA.

“Our quality assurance and engineering services had a base revenue of over ₹290 crore in FY19 and is expected to post a 20 per cent growth trajectory for the next three years,” said Ranga Reddy, Chief Executive Officer at Maveric Systems.

He added, “Data transformation, digital technologies, T24 (core banking solution) and telecom, which constitute 20 per cent of the overall FY20 revenues, are poised to grow over 40 per cent in the next three years.”

Reddy said, “We are enabling banks to achieve faster time-to-market, agility through bi-modal approaches, open banking adoption and integration of legacy back-end with digital front-end.”

The top four banks in the US — Bank of America, Citigroup, JPMorgan Chase and Wells Fargo — spent a cumulative $40 billion on the information technology space in FY19. This figure is expected to exceed $65 billion in FY20.

In the Middle East and North Africa, the banking and securities IT spending is expected to reach $13.2 billion in 2019, the highest in spending among all industries, according to Gartner.

Accenture’s report also states that banks across 21 countries have spent about $1 trillion over the past three years.

Published on August 02, 2019
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