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BluePhoenix Closes Over $5 Million in Modernization Deals With Two Large European Banks
Monday, October 13, 2008
Ability to Lower Total Cost of Ownership With Rapid Return on Investment Critical During Market Downturns
HERZLIYA, Israel, October 13 /PRNewswire-FirstCall/ -- BluePhoenix
Solutions (NASDAQ: BPHX), the leader in value-driven legacy modernization,
today announced that it 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."
About BluePhoenix Solutions
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.
Investor Contact
Peter Seltzberg
Hayden Communications
+1-(646)-415-8972
peter@haydenir.com
Financial Media Contact
Jeffrey Stanlis
Hayden Communications
+1-(602)-476-1821
jeff@haydenir.com
SOURCE Bluephoenix Solutions Ltd
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