Maveric Systems CEO Ranga Reddy: With 25% growth target, we are looking to expand in Europe, UK and US

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Chennai-headquartered Maveric Systems deals in technology implementation, integration and engineering services. Over the years, the company has witnessed decent growth in India and global markets. Major thrust to company’s transition came in the year 2015 when it decided to move beyond being single-focus company with an assurance-only model to leverage and build competencies in , data & analytics, API and microservices.

The senior executives said that this year, they have been able to completely realise this transition. And, now the company is stepping up its efforts on three key distinct areas – customer experience, integration framework through API and microservices.

In an exclusive interview to’s Shalini Shukla, Ranga Reddy, CEO and Co-founder, Maveric Systems said, “The revenue for FY 2017-18 stood at 210 crores and 24% of our revenue comes from data and customer experience-related digital services (75 crores),” adding that over the next 24 months, the company is looking to an overall growth of 25% with 30% growth in new service areas.

Maveric has been in the transition phase, how has been the year 2018 for you?

Since 2015, Maveric embarked on transitioning from being a single-focus company with an assurance-only model to one that is technology-driven with specialised competencies in cloud, data & analytics, API and microservices, and driven towards enabling clients’ customer-centric tech adoption initiatives.

In 2018, we have been able to completely realise this transition, and in line with the customers’ changing operations and technology needs as well as our own inherent expertise, delivered projects in 3 distinct competencies – customer experience-oriented digital, reorganizing data not only to serve the core bank, but also open-banking challenges and core banking with right degree of integration framework through API and microservices.

The revenue for FY 2017-18 stood at 210 crores and 24% of our revenue comes from data and customer experience-related digital services (75 crores). As far as number are concern, we have been experiencing a growth of 30 crores per month from existing customers. 2018 also saw delivery units being strengthened to create opportunities for consultative delivery with regard to step-changes and continuous improvement with existing clients.

We established a Digital Delivery Centre in Singapore to enhance delivery impact of the company’s digital, data and core banking competencies in the region. In the first 6 months of 2018, we added 5 new logos to our repertoire. In addition, substantive investments were made in strengthening across business lines in Digital, Data, and T24.

Our challenges too have been along the same lines of upskilling and getting new talent in scale across the new technology areas.

What are you expectations from the year 2019?

Over the next 24 months, we are looking forward to an overall growth of 25% with 30% growth in new service areas. We are also looking at models of M&A in order to acquire talent in new tech stack areas.

How you plan to achieve this target. Is there any specific strategy are you going to work upon?

Our commitment to scale operations through deeper customer engagement and sharpening focus remain unchanged. Our market focus for the 2019 will be around expanding business in Europe, UK, and US. Rather than a general market focused expansion, we are driving it based on a decided prospect list.

What are the key trends that you see may impact your industry in 2019?

2019 will see many banks creating single-product digital offshoots that are cloud-ready and with the ability to be deployed quickly. Although this year we saw some banking leaders create similar digital-only banks, 2019 will see more banks adopting this approach. Rapid adoption of microservices-based architecture, deployed through container platforms, have set the stage for making this possible. Microservices will not only enable these digital offshoots to act as testing grounds for cloud-native projects, but through the use of scalable containers, will pave the path for cloud native digital-only banks in the future.

With no clear microservice market leader now, 2019 will see a lot of trends in the microservices technology such as running stateful containers at scale, emergence of open source projects to consolidate the multiple toolsets to manage containerized toolsets, as well as revelation of best practices based on success and failure stories.

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