Infinity Financial Technology Inc. of Mountain View, Calif., has filed for an initial public offering of 2.35 million common shares.

The company designs risk management software for banks and investment banks. Infinity has 35 customers worldwide, including First Union Corp., J.P. Morgan & Co., and Smith Barney Inc.

Goldman Sachs & Co. will underwrite the IPO, which is expected to occur later this year. Officials declined to comment on the filing, citing Securities and Exchange Commission rules.

Infinity, with net income of $3.5 million last year, expects the stock to trade at $13 to $15 per share. According to Infinity's prospectus, the capital will be for general purposes and possible acquisitions.

Demand for risk management systems has grown in recent years following several highly publicized debacles at banks and trading firms. The Tower Group, Wellesley, Mass., predicted that the risk management industry will grow to a $4.3 billion industry by 2000, up from $3 billion in 1994.

Infinity's core product, called Infinity Platform, lets traders process and analyze securities portfolios. Its derivatives trading software links front-office trading operations with back-office confirmation, payment, and accounting systems.

Infinity recently announced that it will develop object-oriented software, which is easier to customize. The company also plans to forge closer working ties with its business partners, including International Business Machines Corp.

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