Raman Roy acquires 40% stake in Annik Tech

By agencies   |   Thursday, 08 September 2005, 19:30 IST
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NEW DELHI: Former Wipro Spectramind chairman Raman Roy today acquired 40 percent stake in the Delhi-based analytics company Annik Technology Services. The deal, which is partly in cash and partly in equity, is the first in the series of deals to be signed by Roy in the coming one month. Roy is also in talks with a few U.S.-based companies and said that he intends to acquire stake in at least four other companies. Annik, which had annual revenues of $3 million last year, provides offshore market research services to companies in the U.S., Australia and Europe through its offices in Gurgaon and Hyderabad employing over 230. The company is planning to set up a center in the U.S. ‘The deal with Annik Technology Services is the first in the series of deals,’ Roy said. The negotiations are in final stages and the decision will be made in a month’s time, he added. Vikas Srivastava, managing partner of Luthra & Luthra Chartered Accountants, is also acquiring around 10 percent stake in Annik Technology. Rahul Sahgal, CEO and president of Annik Technology Services, who has more than 50 percent stake in the company, however, own the controlling stake. “Our domain knowledge coupled with Raman and his team’s background of creating and scaling quality organizations gives us a competitive edge that will allow us to grow Annik with new and existing customers,” Sahgal said in a statement.

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