SAN FRANCISCO: Jim Schaper, a 25-year software industry executive, has been appointed Chairman of the new company. Financial Terms of the transaction were not disclosed. "We are pleased to partner with Parallax to acquire this business. It is our intention to build the company over the long term through aggressive product enhancement programs and new product development efforts," said David Dominik, Managing Director of Golden Gate Capital. "The banking solutions group joins our family of software companies, which in aggregate represent $350 million in revenues, and enjoys strong financial support from our $700 million in capital." The banking solutions group offers a suite of back-office software applications that streamline banking operations. These applications automate commercial and retail functions, such as tracking customer transactions and assimilating key customer data. The product portfolio acquired today from CA includes the Infopoint banking products suite, Bank Performance Management (BPM) products, Solutions for Enhanced Productivity and Performance (SEPP) and the newly developed Customer Risk Informant (CRI) product family. "The new company offers a full array of proven products that serve a dynamic marketplace and maintains a service and support organization that is recognized as first class," said the company's Chairman, Jim Schaper. "Customers will receive the same outstanding level of service that they've come to know over the years. CA will work closely with the new company to ensure a seamless transition for Infopoint customers. The transaction is part of CA's previously announced strategy to continually sharpen its focus on the core business of its six key solutions areas- - enterprise management, security, storage, application life cycle management, data management and application development, and portal and business intelligence. "The new company's dedication to the banking and financial services sector makes this transaction a win for both Infopoint customers and our banking solutions group employees," said CA President and CEO Sanjay Kumar. "We believe that Golden Gate and Parallax will do an excellent job of leveraging both the technology and talent that our banking group has developed over the years to enhance the performance and scalability of back-office financial operations."