BluePhoenix Completes Sale Of ASNA Subsidiaries For $2 Million
BluePhoenix Solutions (NASDAQ: BPHX) today announced that it sold, at the end of December, its interests in Amalgamated Software North America Inc. (ASNA) subsidiaries to an undisclosed party for $2 million of which $1.5 million was paid at closing and a $0.5 million is payable in December 2012. The Company will record a one-time non-cash capital loss of between $3.5-$5 million in the fourth quarter of 2010 as a result of the transaction.
The sale of ASNA is part of the Company’s strategy to exit non-core activities. BluePhoenix expects to continue to focus on its core business as it moves forward.
“We are pleased with the sale of ASNA. It will enable us to continue and focus on our three lines of business: legacy modernization, professional services and knowledge management,” commented Arik Kilman, CEO of BluePhoenix.
About BluePhoenix SolutionsBluePhoenix 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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