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BluePhoenix Wins $0.7 Million COBOL to Java Modernization Contract From a Leading US Financial Organization

^{Published on 2011-06-20 05:20:17 - Market Wire}
 

HERZELIYA, Israel--([ BUSINESS WIRE ])--BluePhoenix Solutions (NASDAQ: [ BPHX ]), the leader in value-driven IT modernization, today announced that it was awarded a $0.7 Million contract from a leading US financial organization.

"We are very pleased to be awarded this contract. It is a great example of the growing trend of enterprises realizing significant cost savings and efficiency gains from IT modernization"

The customer selected BluePhoenix to modernize the COBOL to Java environment in order to reduce its cost structure, improve flexibility and have a solid platform for future growth. In choosing BluePhoenix to provide this solution, the customer will preserve a fully functional equivalent of the applications in the new Windows, Microsoft SQL, and Java. The new solution is reliable, flexible and cost effective and enables the customer to develop its business without the constraints imposed by legacy technology.

aWe are very pleased to be awarded this contract. It is a great example of the growing trend of enterprises realizing significant cost savings and efficiency gains from IT modernization,a said Arik Kilman, CEO of BluePhoenix Solutions. aThis contract continues to demonstrate the strong market interest in our automated COBOL automation solution. Our ability to automatically modernize COBOL applications to Java creates an excellent opportunity for future growth.a

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 10 offices in the USA, UK, Denmark, Italy, Romania, Russia, Cyprus, and Israel. For more information, visit [ www.bphx.com ].

Cautionary Statement Regarding Forward-Looking Statements

Certain statements contained in this release may be deemed forward-looking statements within the meaning of the asafe harbora provisions of the Private Securities Litigation Reform Act of 1995 and other Federal Securities laws. You can identify these and other forward-looking statements by the use of words such as amay,a awill,a aplans,a abelieves,a aestimates,a aintends,a the negative of such terms, or other comparable terminology. Because such statements deal with future events, plans, projections, or future performance of the Company, they are subject to various risks and uncertainties that could cause actual results to differ materially from the Companya™s current expectations. These risks and uncertainties include but are not limited to: the ability to successfully defend claims brought against the Company; the effects of the global economic and financial crisis; market demand for the Companya™s products; successful implementation of the Companya™s products; changes in the competitive landscape, including new competitors or the impact of competitive pricing and products; the ability to manage the Companya™s growth; the ability to recruit and retain additional software personnel; the ability to develop new business lines; and such other risks and uncertainties as identified in BluePhoenixa™s most recent Annual Report on Form 20-F and other reports filed by it with the SEC. Except as otherwise required by law, BluePhoenix undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

This press release is also available at [ www.bphx.com ]. All names and trademarks are their ownersa™ property.