BluePhoenix Solutions, a provider of legacy IT modernization solutions, has announced it has entered into an agreement for the sale of its subsidiary, BluePhoenix Knowledge Management Systems.
BluePhoenix will use the proceeds of the sale to continue to pay down the debt of the company leaving less than $0.6 million dollars in total outstanding loans to the banks. The structure of the deal includes cash and a combination of future professional services and consulting fees.
This sale is part of the strategic plan of the company to focus on the legacy modernization business. “We are going back to our core business of converting legacy systems to modern platforms where we have industry-leading technology and world-class experts,” said Matt Bell, president of BluePhoenix.
The closing is subject to certain terms and conditions specified in the agreement.
Business users want new applications now. Market and regulatory pressures require faster application updates and delivery into production. Your IBM i developers may be approaching retirement, and you see no sure way to fill their positions with experienced developers. In addition, you may be caught between maintaining your existing applications and the uncertainty of moving to something new.
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