Maveric Systems receives Red Herring Asia 100 Award 2008

Written by Businesswire India | Chennai | Updated: Dec 30 2008, 20:43pm hrs
Maveric Systems, one of Indias leading software testing company enters 2009 on a high note after having been chosen as one of Asias 100 most promising companies at the Red Herring 100 Asia Awards for the year 2008.

The 100 winning companies were announced at the Red Herring Asia event at Hong Kong earlier this month. The 200 finalists for this award were chosen from 16 countries in Asia including China, India, Japan, Malaysia, Singapore, Philippines, South Korea, Australia and Vietnam.

"The 200 finalists whom we selected from across 16 countries and regions are all excellent contenders," said Joel Dreyfuss, Editor-in-Chief of Red Herring. "They are exceptional companies who thrive on innovation and strongly define the important role of technology in Asias economy and throughout the world."

Maveric Systems has also been selected as a finalist for the Red Herring 100 Global Awards. The Red Herring Editorial team deploys a detailed process to whittle down a pool of 600 eligible, promising, companies to the 200 finalists of this global award. The evaluation was made on both quantitative and qualitative criteria, such as financial performance, innovation, management, global strategy and ecosystem integration.

An ecstatic Ranga Reddy, Chief Executive officer of Maveric Systems said, In 2006 we set ourselves a goal of getting 30% of our revenues from IP-led services, by 2012. Breakthrough innovation by our R&D teams is accelerating our progress towards this goal. He says IP-led services have helped us redefine our competition and also significantly increase the average size of deals that we have won in the last 12 months. He added, We take great pride in winning this award as it underscores our achievements and innovations over the years. We expect a healthy growth in the coming year because of our niche focus and IP-led offering.