Indian Tecnova scouts for European firm
Boutique consulting firm Tecnova is looking to acquire a market research firm in Eastern Europe in what could be a multi-million dollar deal. “There are a few good market research firms in the Czech Republic and Hungary” - CEO says.
The Gurgaon-based firm is also planning to get into tie-ups for the Asian markets. Tecnova chairman and CEO Abhey Yograj said: “We can handle market research for the US and the UK out of India. But for Europe and Asia, which are multilingual, there is a language issue. “There are a few good market research firms in the Czech Republic and Hungary”, with expertise in French and German, which we want to acquire.” “In Asia, because of differences in languages, we are looking at tie-ups with existing firms. Otherwise, we would need to acquire 4-5 firms in different countries,” he added.
Tecnova India started out as an affiliate of a French consulting firm Tecnova SA, focusing on technology transfers from foreign companies into India. When the French parent went bust in the 1980s, the local partner in the Indian 60:40 joint venture, Abhey Yograj, acquired the remaining stake of the JV and also bought the worldwide rights to use the Tecnova brand name. The firm used to advise multinational firms planning to enter India. Now, it is also advising mid-sized Indian firms that are planning to go global. This includes setting up partnerships or greenfield operations abroad as well as small and mid-sized mergers & acquisition deals.
Tecnova is also looking to expand its sectors of specialization. Till now it has been primarily looking at three sectors—consumer products, healthcare & pharma and auto. It also has plans to enter the energy and education sectors. (economictimes.indiatimes.com)
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