Legacy software modernizer BluePhoenix Solutions Ltd. (Nasdaq: BPHX; TASE: BPHX) has won a $2 million contract from a large European bank, a new customer whose name it did not disclose.
BluePhoenix will make an in-depth analysis of the bank's mainframe platform infrastructure, applications, and database technologies and provide an IT modernization program for the optimization of its mainframe-based systems to overcome existing performance, cost and reliability issues. The company expects to complete the project by mid-2009.
BluePhoenix CEO Yaron Tchwella said, "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."
Earlier this week, BluePhoenix appointed CEO Arik Kilman as chairman. Kilman served as CEO since May 2003.
BluePhoenix's share fell 4.6% on Nasdaq yesterday to $2.27, giving a market cap of $48 million. The share fell 13% in morning trading on the TASE today to NIS 8.45. The share was relegated from the Tel-Tech 15 Index in the latest index update.
Published by Globes [online], Israel business news - www.globes-online.com - on January 8, 2009
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