Computer Associates Inc has sold its banking solutions group to investors Golden Gate Capital and Parallax Capital Partners for an undisclosed fee. The two investors are establishing a new, as yet unnamed, company around the business unit, which will retain the existing management and staff with headquarters in Plano, Texas.
The former president and CEO of Dun and Bradstreet Software, Jim Schaper has been appointed chairman of the new company. Schaper is also the CEO of Agilisys, the process manufacturing software business that Golden Gate and Parallax acquired from SCT Corp in April.
The banking solutions group is one of Islandia, New York-based CA’s less well-known business units, and cannot be considered a core asset. The unit produces backoffice software applications for streamlining banking operations, such as the Bank Performance Management activity-based costing and analysis suite, the Customer Risk Informant software and the Solutions for Enhanced Productivity and Performance for banking and financial customers.
CA says that it will work with the new company to transition existing customers and that the transaction is part of its strategy to focus on its core systems management, security, storage, application lifecycle management, data management and application development and portal and business intelligence software suites. In April CA sold its interBiz e-business applications division to SSA Global Technologies Inc for an undisclosed sum. It now reports that: The sale of all components of CA’s business applications division is now complete.