Calsoft's US subsidiary receives $1mln from Hong Kong' VC firm

New Delhi, Aug 10 (UNI) California Software Company (Calsoft) today said its US subsidiary, American HealthNet Inc (AHN), has received an additional equity funding of one million dollar from a Hong Kong-based venture capital firm, Andorra Ventures Corporation (AVC) to meet its expansion needs.

AVC will hold nearly 18 per cent of the expanded capital of AHN.

Meanwhile, Calsoft has also increased its stake in AHN 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 its wholly-owned US subsidiary CSWL Inc.

''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,'' Calsoft Managing Director S (Sam) Santhosh said.

AHN, a healthcare software product company, has recently bagged contracts from Mountain Community Medical Services, California and Winner Regional Healthcare Center, South Dakota.

Calsoft expects that the expansion of AHN will add to the company's overall growth and contribute to its consolidated profits before the next fiscal.

UNI CS PV HT1620