UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION
                          WASHINGTON, D.C. 20549
                               -------------

                                  FORM 8 K

                               CURRENT REPORT
    Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Date of report (Date of earliest event reported) May 23, 2005
                                                ----------------


                                Zanett, Inc.
-----------------------------------------------------------------------------
           (Exact name of registrant as specified in its charter)


Delaware                          0-27068                    56-43895
-----------------------------------------------------------------------------
(State or other jurisdiction    (Commission               (IRS Employer
of incorporation)               File Number)             Identification No.)


635 Madison Avenue, 15th Floor, New York, NY                    10022
-----------------------------------------------------------------------------
(Address of Principal Executive Offices)                      (Zip Code)


Registrant's telephone number, including area code:         (646) 502-1800
                                                            -----------------

-----------------------------------------------------------------------------
        (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions (see General Instruction A.2. below):

__  Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)

__  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)

__  Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act        (17 CFR 240.14d-2(b))

__  Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act         (17 CFR 240.13e-4(c))

 <PAGE>

Item 2.02   Results of Operations and Financial Condition.

      On May 23, 2005, Zanett, Inc. (the "Company") issued a press release,
which is attached hereto as Exhibit 99.1 and incorporated herein by
reference.  The press release contained information regarding the Company's
financial results for the quarter ended March 31, 2005.

      The foregoing information, furnished under "Item 2.02 Results of
Operations and Financial Condition," shall not be deemed "filed" for purposes
of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed
incorporated by reference in any filing under the Securities Act of 1933,
except as shall be expressly set forth by specific reference in such a
filing.

Item 9.01 Financial Statements and Exhibits.

(c)   Exhibits.

99.1  Press Release

<PAGE>
                                 SIGNATURES

      Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                          ZANETT, INC.



Date:  May 23, 2005                    By: /s/ Jack M. Rapport
                                       Jack M. Rapport
                                       Chief Financial Officer

<PAGE>

                                Exhibit Index

99.1   Press Release
[{"type": "8-K", "sequence": "1", "filename": "r8k10qtbf052305.txt", "secsgml_size_bytes": 3470}]
{"company-data": {"conformed-name": "ZANETT INC", "cik": "0001133872", "assigned-sic": "7389", "irs-number": "564389547", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-32315", "film-number": "05850717"}, "business-address": {"street1": "135 E 57TH STREET", "street2": "15TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10022", "phone": "2127595700"}, "mail-address": {"street1": "135 E 57TH ST 15TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10022"}, "former-company": {"former-conformed-name": "PLANET ZANETT INC", "date-changed": "20010206"}}
UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION
                          WASHINGTON, D.C. 20549
                               -------------

                                  FORM 8 K

                               CURRENT REPORT
    Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported) May 23, 2005
                                                ----------------

                                Zanett, Inc.
-----------------------------------------------------------------------------
           (Exact name of registrant as specified in its charter)

Delaware                          0-27068                    56-43895
-----------------------------------------------------------------------------
(State or other jurisdiction    (Commission               (IRS Employer
of incorporation)               File Number)             Identification No.)

635 Madison Avenue, 15th Floor, New York, NY                    10022
-----------------------------------------------------------------------------
(Address of Principal Executive Offices)                      (Zip Code)

Registrant's telephone number, including area code:         (646) 502-1800
                                                            -----------------

-----------------------------------------------------------------------------
        (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions (see General Instruction A.2. below):

__  Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)

__  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)

__  Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act        (17 CFR 240.14d-2(b))

__  Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act         (17 CFR 240.13e-4(c))
Item 2.02   Results of Operations and Financial Condition.

      On May 23, 2005, Zanett, Inc. (the "Company") issued a press release,
which is attached hereto as Exhibit 99.1 and incorporated herein by
reference.  The press release contained information regarding the Company's
financial results for the quarter ended March 31, 2005.

      The foregoing information, furnished under "Item 2.02 Results of
Operations and Financial Condition," shall not be deemed "filed" for purposes
of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed
incorporated by reference in any filing under the Securities Act of 1933,
except as shall be expressly set forth by specific reference in such a
filing.

Item 9.01 Financial Statements and Exhibits.

(c)   Exhibits.

99.1  Press Release
SIGNATURES

      Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                          ZANETT, INC.

Date:  May 23, 2005                    By: /s/ Jack M. Rapport
                                       Jack M. Rapport
                                       Chief Financial Officer
Exhibit Index

99.1   Press Release