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BluePhoenix to Sell Knowledge Management Business

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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.

BluePhoenix Solutions, Ltd. (NASDAQ: BPHX) is a leading provider of legacy IT modernization conversion solutions. The BluePhoenix portfolio includes a comprehensive suite of tools and services from global IT asset assessment and impact analysis to automated database and application migration. Leveraging over 20 years of best-practice domain expertise, BluePhoenix works closely with its customers to ascertain which assets should be migrated, redeveloped, or wrapped for reuse as services or business processes, to protect and increase the value of their business applications and legacy systems with minimized risk and downtime. BluePhoenix provides modernization solutions to companies from diverse industries and vertical markets such as automotive, banking and financial services, insurance, manufacturing, and retail. The company has nine offices in the USA, UK, Italy, Romania, Russia, and Israel.

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