BluePhoenix
Solutions Ltd, the leader in value driven legacy
modernization, today announced that it has been informed by its major
shareholder, Formula Systems (1985) Ltd., that Formula entered into an
agreement to sell 8,038,526 ordinary shares of BluePhoenix to international
institutional investors, representing approximately 46% of the outstanding
share capital of BluePhoenix.
Upon consummation of this transaction, Formula will no longer own any
ordinary shares of BluePhoenix. Some or all of Formula's director designees
will resign from BluePhoenix's board of directors shortly following the
completion of the transaction.
The completion of the purchase of the ordinary shares is expected to
take place on June 18, 2007 and is subject to customary closing conditions.
BluePhoenix Solutions
BluePhoenix Solutions (NASDAQ: BPHX) is a leading provider of value
driven modernization solutions for legacy information systems.
BluePhoenix's offering includes a comprehensive suite of tools and services
from global IT asset assessment and impact analysis to automated database
and application migration, rehosting and renewal. Leveraging over twenty
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's solutions serve companies from diverse industries and
vertical markets such as automotive, banking and financial services,
insurance, manufacturing and retail. Among its prestigious customers are:
Aflac, DaimlerChrysler, Danish Commerce and Companies Agency, Europe
Assistance, Lawson Products, Los Angeles County Employees Retirement
Association, Merrill Lynch, SDC Udvikling and TEMENOS. BluePhoenix has 13
offices in the U.S., UK, Denmark, Germany, Italy, Romania, Russia, Cyprus
and Israel.
Source: BluePhoenix
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