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Applix, Inc., a global provider of customer analytics and business planning software, announced today that Parallax Capital Partners, LLC (Parallax), of Irvine, California, has agreed to purchase substantially all of the assets of VistaSource, Inc., Applix's wholly-owned subsidiary, for an undisclosed amount of cash. Parallax Capital Partners intends to retain all of the VistaSource employees and will continue the VistaSource business. The transaction is expected to close by March 31, 2001. Upon completion of the transaction, Applix will retain a minority equity position in Parallax's new subsidiary.
Alan Goldsworthy, president and CEO of Applix said, "We believe that VistaSource's technology and the market opportunity for real-time data gateways and thin client office productivity applications has excellent potential. For nearly twenty years Applix has been known for developing great technologies. Through this divestiture we can focus on our primary strategy of providing a world class customer analytics and business planning software solution." He went on to say, "We are pleased to have completed a transaction with a strategic buyer who will commit the necessary resources to maximize the value of VistaSource's technology, customers, partners and employees."
"VistaSource is a great strategic fit with our portfolio of companies," said James Hale, Managing Partner, Parallax Capital Partners. "We believe that there are many opportunities for VistaSource to exploit in the Unix/Linux environment for real-time data gateways, thin client platforms and wireless applications. We are excited to build upon VistaSource's competencies in developing and marketing leading technology solutions that are customizable, Web-enabled and real-time capable. We will continue to offer the highest level of consulting, education and support services to our existing and to our future clients."
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