Maveric Systems Limited plans to raise $25 Mn from PE funds by diluting equity.
The company will use the funds to finance the buyout of 2 software testing companies in Europe. It will complete both acquisitions by end of next year.
Transaction Reference: BS
Maveric Systems, founded in 2000 by P. Venkatesh, is an independent, specialist software testing service provider.
It specializes in banking, financial services and insurance verticals and has also delivered projects in telecom, CRM, and healthcare domains.
The company had received seed funding by Arun Jain of Polaris Software.
Maveric Systems reported revenues of Rs 70 Cr in the fiscal 2010.
The Global software Testing market is estimated to be $17 Bn. The market opportunity for the Indian offshore testing companies is currently $5 bn. The other independent software testing companies in India include AppLabs, Virtusa, RelQ and QA InfoTech.
In 2007, Electronic Data Systems bought out RelQ Software Pvt Ltd from ICICI Venture and Acer Technology Ventures for around $40 Mn.
In 2005, AppLabs acquired KeyLabs, a software and hardware testing company, followed by a $37-Mn purchase of UK-based testing consultancy firm IS Integration in 2006.
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972
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17633
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25439
3002
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1343
458
3139
32625
140
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24534
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
| 03/08/10 |
Maveric Systems - Looking for Funding |
Private Equity |
|
25.00 |
| Date | Type | Buyer | Target | Size ($mn) | State |
| 17/05/12 |
Private Equity |
Looking For |
Prizm Payment Services Private Limited |
92.18 |
Planned |
| 17/05/12 |
M&A |
Carzonrent India Private Limited |
QCABS |
- |
Announced |
| 17/05/12 |
M&A |
Trivone Digital Services Private Limited |
Chakpak Media Private Limited |
- |
Completed |
| 17/05/12 |
M&A |
Trivone Digital Services Private Limited |
WheelsUnplugged.com |
- |
Completed |
Company |
| Name | Promoters | Office | Competitor | Website |
| Maveric Systems Limited |
I Ranga Reddy |
Fagun Mansion, 74, Ethiraj Salai, Egmore, Chennai-600105. Tamil Nadu, India. |
|
www.maveric-systems.com |
