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."

BluePhoenix

BluePhoenix Solutions (NASDAQ: BPHX) is a leading provider of value-driven modernization solutions for legacy information systems. BluePhoenix offerings include a comprehensive suite of tools and services from global IT asset assessment and impact analysis to automated database and application migration, re-hosting, and renewal. Leveraging over 20 years of best-practice domain expertise, BluePhoenix works closely with its customers to ascertain which assets should be migrated, redeveloped, or wrapped for reuse as services or business processes, to protect and increase the value of their business applications and legacy systems with minimized risk and downtime.

BluePhoenix provides modernization solutions to companies from diverse industries and vertical markets such as automotive, banking and financial services, insurance, manufacturing, and retail. Among its prestigious customers are: Aflac, CareFirst, Citigroup, Danish Commerce and Companies Agency, Desjardins, Los Angeles County Employees Retirement Association, Merrill Lynch, Rabobank, Rural Servicios Informaticos, SDC Udvikling, TEMENOS, Toyota and Volvofinans. BluePhoenix has 15 offices in the USA, UK, Denmark, Germany, Italy, France, The Netherlands, Romania, Russia, Cyprus, South Korea, Australia, and Israel.