Hi Prasad,
A digitizer is more like a programmable oscilloscope than a DAQ card. They are useful in situations like yours where a high sampling rate is required, but they have lower channel counts in order to achieve these rates because so much more onboard memory is required to buffer the acquisition.
Here is an article I would recommend reading:
Top 10 Things to Consider When Selecting a Digitizer/Oscilloscope
http://zone.ni.com/devzone/cda/tut/p/id/4333
And this is a good tutorial on digitizers:
Digitizer/Oscilloscope Fundamentals
http://zone.ni.com/devzone/cda/tut/p/id/3408
This is a 9 minute demo of one of our high-speed digitizers:
PXI 5152 Online Demonstration
http://digital.ni.com/demo.nsf/websearch/BEB2DA0A5877EE62862571BE007742FB?OpenDocument&node=203015_US
The article, tuturial, demo, and other product information can be found here:
High-Speed Digitizers/Oscilloscopes
http://www.ni.com/digitizers/highspeed/
I hope this material is helpful and your meeting with Siddharath leads you to a great automated test solution for your application.
Regards,
John Bongaarts