Calsoft acquires 51% in US-based AHN

By agencies   |   Tuesday, 22 March 2005, 08:00 Hrs
Printer Print Email Email
CHENNAI: California Software Co Ltd (Calsoft) today announced acquisition of 51 percent equity stake in US-based healthcare software firm American HealthNet Inc (AHN).

As per the deal, Chennai-headquartered Calsoft would infuse $1 million into AHN, besides assisting the US company in the development and implementation of the software products, top company officials told a news conference here.

Following the acquisition, AHN would become a subsidiary of Calsoft, a listed company, said S Santhosh, managing director & CEO of Calsoft.

Three Calsoft top officials will join the 5-member AHN board of directors while two AHN officials would represent the US company in the newly constituted board of the privately held US COMPANY.

He said AHN, which reported sales of $6.5 million in 2004, has a growing customer base of over 250 hospitals and clinics.

This is the third acquisition by Calsoft in this fiscal. In September 2004, Calsoft acquired 51 per cent stake in Kochi-based Team Frontline Pvt Ltd and in December 2004, it acquired 100 per cent stake in Bangalore-based Web Spectrum Software Pvt Ltd.

Facebook denies cyber attack
Facebook ruled out a cyber attack on its products Whatsapp, Instagram and Messenger, which suf..
Wipro opens third industrial
IT major Wipro Ltd on Thursday opened its centre of excellence for Industrial Internet of Things (..
IBM announces programme
n a bid to recognise the contribution of developers in the open source community, Information ..
Google's Gboard gets offline
Google is adding an Artificially Intelligent (AI) offline dictation feature on its Gboard keyb..