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TheStreet Open House

BluePhoenix Secures $6.2 Million In Contracts With A Tier One European Banking Institute

BluePhoenix Solutions (NASDAQ: BPHX) today announced that it has secured new contracts with a large Banking Institution in Europe valued at approximately $6.2 million. The contracts consist of the following:

  • $4.1 million for software licenses for BluePhoenix AppBuilder development product and software maintenance
  • $0.6 million for development services
  • $1.5 million to transfer highly skilled IT consultants to the customer

The transfer of consultants is part of the Company’s strategy to exit non-profitable activities. Previously, the IT personnel were outsourced by the Company. The transfer of the consultants will reduce the Company’s annual revenues by $5-6 million on an annual basis.

“We are executing our declared plan and we are encouraged by the growth we are seeing in repeat business with our partners as it gives us the confidence that we have a compelling value proposition,” said Arik Kilman, CEO, BluePhoenix Solutions.

About BluePhoenix Solutions

BluePhoenix Solutions (NASDAQ: BPHX) is the leading provider of value-driven legacy IT modernization solutions. The BluePhoenix portfolio includes a comprehensive suite of tools and services from global IT asset assessment and impact analysis to automated database and application migration, rehosting, 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, Capita Group, CareFirst, Citigroup, Danish Commerce and Companies Agency, Desjardins, Los Angeles County Employees Retirement Association, Rabobank, Rural Servicios Informaticos, SDC Udvikling, TEMENOS, Toyota, and Volvofinans. BluePhoenix has 13 offices in the USA, UK, Denmark, Germany, Italy, The Netherlands, Romania, Russia, Cyprus, Australia, and Israel.

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