BluePhoenix Wins $5m of Deals

BluePhoenix Solutions (NASDAQ: BPHX), has recently signed two new deals valued at over $5 million for two large European banks.

Blue Phoenix solutions offer financial institutions a unique platform to reduce operating and maintenance costs of their IT assets, which is of critical importance now, with the banking industry worldwide in crisis mode. These two deals reinforce the market opportunity for Blue Phoenix and demonstrate that the company's ability to close large deals from its growing pipeline for potential business has remained robust during this recent economic downturn.

"BluePhoenix has an outstanding track record of working with banks to help them reduce total cost of ownership around more efficient, flexible and reliable platforms," said Yaron Tchwella, president of BluePhoenix Solutions. "Our unique modernization resources are helping our clients meet their cost-cutting mandates while they migrate their legacy IT systems to modern-day platforms. We look forward to the opportunity to work with these two customers and continuing to take advantage of what we see as an excellent business opportunity in front of us."