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Thursday October 31, 10:53 am ET

BluePhoenix Acquires the Activities and Employees of SDC-FinansSystem

ROOSENDAAL, Netherlands and COPENHAGEN, Denmark, Oct. 31


/PRNewswire-FirstCall/ -- BluePhoenix(TM) Solutions announced today that it
has acquired the activities and employees of SDC-FinansSystem owned by
Sparekassernes Datacenter (SDC) and ALLTEL Corporation. BluePhoenix
Solutions, Sparekassernes Datacenter and ALLTEL have also signed an extended
services contract to maintain the SDC banking system.

SDC-FinansSystem developed the Corebank system that provides full banking services for 80 Danish banks. The Corebank system was developed with BluePhoenix(TM) AppBuilder and combines the latest Java(TM) front-end technology with COBOL on IBM mainframes. SDC-FS will continue to maintain this system with the AppBuilder environment.

"With this acquisition BluePhoenix gains an enormous skill set. SDC- FinansSystem personnel are not only highly skilled in AppBuilder, they possess a great amount of knowledge and understanding of financial systems which is our primary market space," said Arik Kilman, CEO of BluePhoenix. "This talent allows us to continue working with SDC A/S and ALLTEL, and enables us to provide valuable consulting expertise to our growing base of clients worldwide."

"We are very pleased with the agreement we have reached with BluePhoenix," said Jorgen Giversen, CEO of SDC. "This will mean that we will maintain the great skill that has been built within SDC-FinansSystem. The cooperation with BluePhoenix will create some very exciting possibilities for the continued development of the Corebank System in Denmark as well as on an international scale."

About BluePhoenix Solutions
BluePhoenix Solutions, a wholly owned subsidiary of The Formula Group, (Nasdaq: FORTY - News), provides software and services for enterprise application development and management. In addition to some of the world's largest financial institutions, BluePhoenix provides large-scale solutions for leading enterprises around the world. The BluePhoenix group is headquartered in the Netherlands with wholly owned BluePhoenix subsidiaries in Cyprus, Denmark, Germany, Italy, the United Kingdom, and the United States. For more information, visit www.bluephoenixsolutions.com.

 

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