Calsoft acquires 51% in US-based AHN

By agencies   |   Tuesday, 22 March 2005, 08:00 Hrs
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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.


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