IT services provider Maveric Systems is aiming at almost doubling its revenue to Rs 650 crore by 2021-22, eyeing 45% of revenue from new lines of business that it entered two years ago, its chief executive Ranga Reddy said.

The Chennai-based company, which makes products for the banking and financial services sector, is on track to hit Rs 305 crore in this financial year, up 38% from last year, he said. “The revenue for FY18 stood at Rs 220 crore and 12% of our revenue (about Rs 26 crore) came from data and customer engagement and services layer focused digital offerings. We have been maintaining a CAGR of 30% for the past two years,” he said.

Maveric Systems started operations in 2000 as a software testing company, catering primarily to the banking, financial services and insurance sectors. It recently started offering technology and transformation advisory services in the areas of digital, data, T24/ core banking, compliance and quality engineering or QE.

Reddy said he had identified areas that would be growth catalysts over the next few years – digital solutions focused on microservices and API (application programming interface), agile development and CI/CD (continuous integration/continuous delivery) services, and from core banking, upgrade and BAU (business as usual) support to Temenos T24 customers.

The company, which used to categorise customers on the basis of their asset value, has now switched to segmenting them on the basis of their ability to disrupt their business models to be leaders in the open financial ecosystem. It has identified 12 priority customers, categorised primarily on the basis of being global or regional banking leaders, which account for 80% of the company’s revenue.

“Our priority customers have accounted for 55% of our growth over the past 24 months, with key accounts contributing to 25% growth,” said Reddy.