Maveric Systems, a Chennai-headquartered banking and financial services-focused tech solutions provider, is eyeing an initial public offering (IPO) in two-three years as it inches closer to reach the $100-million annual revenue milestone.
“We are currently at an ARR (annual run rate) of around $80 million and looking at reaching $200 million in the next four years,” Ranga Reddy, CEO & Whole Time Director, Maveric Systems, told businessline. “The $200-million target is a first step towards our game plan to build a $0.5-billion company,” Reddy added, noting that Maveric will go for an IPO after two years to scale the company from $200 million to $500-million level.
Started in 2000, Maveric Systems is a niche solutions provider for global banks working across regulatory compliance, digital operations, connected core, and customer experience spheres. It provides solutions across retail banking, wealth management, lending, cards, payments and other domains with delivery capabilities in Chennai, Bengaluru, Pune, Dubai, London, Poland, Riyadh, and Singapore. Today, three of Maveric’s new services — data, digital and core banking — contribute close to 50 per cent of their total revenue.
US acquisitions
A part of the growth will come inorganically, he said, as Maveric is set to close two acquisitions in the US market, one of which will be in FY25. The first US acquisition is likely to add around $30 million to its revenue and the funds will come from internal accruals and debt. ”We already have planned investments in the UK and APAC, but increased investments will come from the US, Benelux (Belgium, the Netherlands, and Luxembourg), and Saudi Arabia markets,” Reddy said.
While the US financial services sector goes through turbulent times, Maveric believes there is potential in the tier-2 US banking sector and fintechs. “In the next four years, we are going to focus a lot more on what we call tier-2 banks in the US, which are more national than global in nature,” Reddy said.
Maveric has a global headcount of around 3,000 and added 10 per cent of its team in FY24. “Our idea is to push it to 30 per cent addition in the coming years to meet our revenue growth targets,” he said. Maveric is making talent investments in automation technologies, artificial intelligence (AI), and other emerging tech areas.