CARY, NC--January 7, 2009--BluePhoenix Solutions (NASDAQ: BPHX), the leader in value-driven IT legacy modernization solutions, today announced that it has been awarded a new contract with a large European bank, valued at approximately two million dollars.
BluePhoenix will undertake an in-depth analysis of the bank’s mainframe platform infrastructure, applications and database technologies and ultimately provide the bank with an IT modernization roadmap, including an action plan that will enable optimization of its mainframe-based systems to overcome existing performance, cost and reliability issues. The project is expected to be completed by mid 2009.
"We are proud to have been selected by this prestigious new customer" said Yaron Tchwella, CEO, BluePhoenix Solutions. "Cost reduction is a major motivation for many of our customers as they continue to invest in IT modernization even in this period of economic uncertainty. Our expertise and consulting capabilities continue to be recognized as world class tools throughout the financial services market and beyond, and we look forward to helping this customer reaching its IT efficiency and expense reduction objectives."
About BluePhoenix Solutions
BluePhoenix Solutions (NASDAQ: BPHX) is a leading provider of value-driven IT 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.
Forward Looking Statement
SAFE HARBOR: Certain statements contained in this release may be deemed forward-looking statements, with respect to plans, projections, or future performance of the Company, the occurrence of which involves certain risks and uncertainties that could cause actual plans to differ materially from these statements. These risks and uncertainties include but are not limited to: market demand for the Company’s tools, successful implementation of the Company’s tools, competitive factors, the ability to manage the Company’s growth, the ability to recruit and retrain additional software personnel, and the ability to develop new business lines. This press release is also available at www.bphx.com. All names and trademarks are their owners’ property.