BluePhoenix reports deal with European insurer
BluePhoenix Solutions (NASDAQ: BPHX), the leader in value-driven legacy modernization, today announced that it has closed the first stage of a modernization deal with one of Europe's largest insurance conglomerates.
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In the pilot phase of the process, BluePhoenix will assess the potential for application consolidation at the corporate level together with a proposed roadmap of modernization.
The new customer for BluePhoenix is the parent company of a large European concern that consists mostly of insurance companies but also includes property management, finance and investment service subsidiaries. Based on the customer's existing legacy environment, the potential roadmap may include large-scale database and application modernization.
BluePhoenix has successfully executed assessment and modernization projects for a variety of insurance and financial customers, using highly automated tools for application and database migration. By analyzing the results of the initial assessment, the best, least risky, and most cost-effective modernization path is developed.
"Increasing global competition and rising costs are putting pressure on insurance companies to reduce costs, provide competitive pricing and improve customer service," said Arik Kilman, CEO of BluePhoenix. "We are working closely with this new and very large customer as they embark on the initial pilot phase of modernization. We are confident that we will be able to assist them to successfully complete the first stage of assessment and continue on to a more comprehensive roadmap of legacy migration and modernization."