California Software's US healthcare arm gets funding for expansion

Mumbai, Aug 10 (UNI) California Software Company's US subsidiary American HealthNet Inc (AHN) has received an additional equity funding of USD one million from a venture capital firm, Andorra Ventures Corporation (AVC) to meet its expansion needs.

Announcing this to this to the Bombay Stock Exchange (BSE) today, the company said AVC, an angel investment and venture capital company headquartered in Hong Kong, will hold approximately 18 per cent of the expanded capital of AHN. Simultaneously Calsoft group's stake in AHN also has increased now to 52.81 per cent through stock buyouts from existing shareholders. The Company had acquired a majority stake of 51 per cent in AHN in February 2005 (through the Company's wholly owned US subsidiary CSWL Inc).

Founded in 1980 and headquartered in Omaha, Nebraska, American HealthNet Inc (AHN) is a healthcare software product Company. AHN provides Integrated Enterprise Software applications to Community Healthcare Organizations and is a leading player in the US Community Healthcare Software market.

The managing director of the company, Mr S (Sam) Santhosh said, ''These changes are in line with Calsoft's overall strategy and this funding move reinforces healthcare as one of our core focus areas.

With a strong team of committed professionals both in India and US, we look forward to emerging as one of the niche players in the healthcare software arena''.

AHN has recently bagged prestigious contracts from Mountain community medical services, California and Winner regional healthcare center, South Dakota, to offer them it's Clarus suite of products. The company expects that the expansion of AHN will add to the company's overall growth and contribute to its consolidated profits before the next fiscal.

AHN's Clarus suite of products with its core enterprise master patient index features a full complement of clinical applications, from electronic medical records to order management, and is fully integrated with all financial applications.

UNI SN WD VKG1622