Digital solution provider Maveric Systems is planning to go public within the next two years, the CEO of the India-based company has revealed.
Maveric Systems, which provides banking and financial services-focused tech solutions, said it is eyeing an initial public offering (IPO) as the company is edging closer to the milestone of $100 million in annual revenues.
Ranga Reddy, the current chief executive of the company, told various media outlets across India that “we are currently at an annual run rate of around $80 million and looking at reaching $200 million in the next four years.”
The $200-million target is a first step towards “our game plan to build a $500 million company,” Reddy declared.
He reportedly said Maveric plans to launch an IPO within the next two years to swell the company from $200 million to a $500-million level.
Founded 24 years ago, Maveric Systems started off as a niche provider of banktech solutions but in the last two decades it has grown into a major player in the banking space, offering financial institutions services across regulatory compliance, customer service, testing and digital operations.
The company currently has a global footprint in sixteen markets and runs multiple offices in its home market of India, as well as in Dubai, London, Poland, Riyadh and Singapore.
Growth strategy
Maveric is gearing up to implement an ambitious growth strategy, with a key role for the US market.
It previously indicated that expansion into the US BankTech space is its number one priority for 2024.
Maveric also plans to significantly expand its services offering, as the company is eyeing a more active role in customer experience, payments, wealth management, regulatory and the hybrid cloud.
The firm recently confirmed to QA Financial it had signed up two industry insiders to join its board as part of the kickoff of Maveric’s aggressive growth strategy, planned for the second half of this year.
Maveric confirmed that the relatively well-known industry insiders Anil Sachdev and N S Parthasarathy have joined to strengthen the company’s board, which she called “a powerhouse duo.”
Anil Sachdev, the founder and CEO of Grow Talent Company and the School of Inspired Leadership-SOIL, has been active in the talent management space for close to 40 years, largely focusing on strategic change, and organisational transformation.
Meanwhile, NS Parthasarathy, co-founded Mindtree in 1999 and has been on its board since. He is currently also the Managing Partner of Mela Ventures, an early-stage start-up fund.
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