Calsoft's US arm gets $1 million funding

California Software Co Ltd (Calsoft) has announced that its US subsidiary, American HealthNet Inc (AHN), had secured an additional equity funding of $1 million (about Rs 4.6 crore) from Andorra Ventures Corporation (AVC), a venture capital firm, to meet its expansion needs.

AVC, an angel investment and venture capital company headquartered in Hong Kong, will hold approximately 18 per cent of the expanded capital of AHN.

According to a company statement, Calsoft group's stake in AHN now has increased to 52.81 per cent through stock buyouts from existing shareholders. Calsoft acquired a majority stake of 51 per cent in AHN in February 2005 through its wholly-owned US subsidiary CSWL Inc.

AHN is a healthcare software product company and provides integrated enterprise software applications to community healthcare organisations. It is a leading player in the US community healthcare software market.