Maveric Systems, a global banking technology transformation company, plans to hire around 1,200 employees over the next 12 months amidst a spike in digital adoption by banks and financial institutions since the onset of the Covid-19 pandemic.
“The scale up this year has been very intense. In March, we started with about 2,000 people (only delivery team) and we are likely to end up with 3,200 employees by March 2022. Out of this, 800 people have already been recruited in the first half and 400 people are likely to be recruited in the next half,” said Ranga Reddy, Global CEO, Maveric Systems.
“For the next financial year, we might need another 800-1,000 people. So, between now and September 2022, we would be adding 1,200 people,” he added.
Started in 2000, Maveric Systems is a banking-only focused technology transformation company with a specialisation on retail, corporate banking and wealth management segments.
Budget for IT
Reddy said banks typically have two types of budgets for IT : ‘Change the bank budget’ which are strategic in nature involving investments in technological transformation and ‘Run the bank budget’, which are investments in technology to run day-to-day operations. Currently, 75 per cent of Maveric’s revenue comes from the strategic side while ‘run the bank’ solutions account for the remaining.
“The major difference between large IT competitors and Maveric is that 75 per cent of our team is capable of doing transformation whereas in large IT firms, 75 per cent of people are capable of running the bank operations,” Reddy said.
The choice to focus on the strategic side of the bank paid off as the Covid-19 pandemic accelerated the pace of digital adoption by banks and financial institutions.
“Last financial year and this year, we have grown at 40 per cent CAGR. We have the potential to grow at a CAGR of 30 per cent year-on-year for the next 3 years organically without acquiring new customers,” Reddy said.
The company estimates to close the current fiscal with ₹520 crore in revenue and projects a revenue of about ₹640 crore for the next fiscal based on current projections and demand from customers.
Maveric categorises its customers into strategic accounts (comprising top 15 global banks), key accounts (regional banks) and fintechs with a revenue contribution of 50 per cent, 40 per cent and 10 per cent respectively.
Maveric Systems has presence across 15 countries with regional delivery capabilities in Bengaluru, Chennai, Dubai, London, Poland, Riyadh and Singapore. It plans to foray into the European market in March 2022.
“We are preparing for a new game to acquire more key accounts in Europe. Come March, we will enter Europe with client acquisition as a focus. We would like to add three more strategic accounts and six more key accounts all coming from Europe,” he added.
Currently, it has five strategic accounts, six key accounts and five fintechs.