Both projects are slated to begin in early 2009, with first deployment phases scheduled to be completed by the summer.

BluePhoenix has been selected to lead the modernization of the information technology infrastructure for two leading European financial institutions. One bank required its IBM z/os system be rehosted on to a Sun Unix platform in order to reduce operational costs. The second bank required the migration of its IMS database to a DB2 system in order to realize the business agility benefits that can be reaped from a relational database.

"These two new contracts demonstrate our continued success in satisfying the demand for modernization projects in the financial services sector," said Yaron Tchwella, CEO, BluePhoenix Solutions. "Many financial institutions are increasingly recognizing the potential for significant cost savings and efficiency gains from modernization, and we are well-positioned to deliver the solutions that address these exact needs. Despite the current severe economic climate, the global banking industry appears increasingly motivated to achieve the benefits of IT platform modernization and we are excited about these two new opportunities."