BluePhoenix Solutions (NASDAQ: BPHX), the leader in value-driven legacy IT modernization solutions, today announced that it has signed contracts with two major financial institutions in the United Kingdom totalling in excess of $1 million.
The projects, encompassing the supply of modernization services and software licenses, will complete in early 2010.
Both of these institutions are well-recognized, multinational financial services companies that provide mortgage, insurance and other banking services, and are repeat customers for BluePhoenix. Each turned to BluePhoenix to provide enhancements to their core business systems and for increased system capacity.
"We are gratified that our existing customers are experiencing the benefits of our solutions and are returning to us for additional modernization and expansion projects," said Yaron Tchwella, CEO, BluePhoenix Solutions. "Repeat business such as this is a strong validation of our ability to deliver high value services; services that enable our customers to drive ever increasing levels of efficiency from their information technology resources. The core BluePhoenix value proposition - delivering enhanced functionality whilst reducing operational costs - is a message that is resonating well with the financial services sector and throughout our entire customer base."