BluePhoenix Solutions is a publicly traded company, headquartered in Israel

Israel

The State of Israel is a parliamentary republic located in the Middle East, along the eastern shore of the Mediterranean Sea...

, that develops and sells modernization solutions for legacy

Legacy system

A legacy system is an old method, technology, computer system, or application program that continues to be used, typically because it still functions for the users' needs, even though newer technology or more efficient methods of performing a task are now available...

 information technology (IT

Information technology

Information technology is the acquisition, processing, storage and dissemination of vocal, pictorial, textual and numerical information by a microelectronics-based combination of computing and telecommunications...

) systems. Its shares are traded on the NASDAQ Global Market

NASDAQ

The NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...

 exchange and on the Tel Aviv Stock Exchange

Tel Aviv Stock Exchange

The Tel Aviv Stock Exchange in Tel Aviv is Israel's only stock exchange.The TASE is the only public market for trading securities in Israel. It plays a major role in the Israeli economy....

.

Company

BluePhoenix Solutions specializes in the modernization of corporate legacy databases and applications. Some financial institutions, particularly banks and insurance firms, continue to rely on outdated databases, applications and programming languages. BluePhoenix develops and installs solutions for bringing these institutions' systems up to modern standards. In this regard, BluePhoenix competes with companies the likes of IBM

IBM

International Business Machines Corporation or IBM is an American multinational technology and consulting corporation headquartered in Armonk, New York, United States. IBM manufactures and sells computer hardware and software, and it offers infrastructure, hosting and consulting services in areas...

, Accenture

Accenture

Accenture plc is a global management consulting, technology services and outsourcing company headquartered in Dublin, Republic of Ireland. It is the largest consulting firm in the world and is a Fortune Global 500 company. As of September 2011, the company had more than 236,000 employees across...

, EDS, and India

India

India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...

-based TCS

Tata Consultancy Services

Tata Consultancy Services Limited is a global IT services, business solutions and outsourcing company headquartered in Mumbai, India. It is the largest provider of information technology in Asia and second largest provider of business process outsourcing services in India...

.

History

BluePhoenix Solutions was founded by Aaron Crystal in 1987 under the name A. Crystal Solutions. Aaron Crystal served as the company's CEO until 1996, when its name was changed to Crystal Systems Solutions. In January 1997 shares of Crystal Systems began trading on what was then the NASDAQ National Market under the symbol CRYSF. Among the company's clients were Microsoft

Microsoft

Microsoft Corporation is an American public multinational corporation headquartered in Redmond, Washington, USA that develops, manufactures, licenses, and supports a wide range of products and services predominantly related to computing through its various product divisions...

, Synopsys

Synopsys

Synopsys, Inc. is one of the largest companies in the Electronic Design Automation industry. Synopsys' first and best-known product is Design Compiler, a logic-synthesis tool. Synopsys offers a wide range of other products used in the design of an application-specific integrated circuit...

 and Bank Leumi

Bank Leumi

Bank Leumi is an Israeli bank. It was founded in London as the Anglo Palestine Company on February 27, 1902, by members of the Zionist movement to promote the industry, construction, agriculture, and infrastructure of Palestine.-History:...

. In 2003 the name Crystal Systems was changed to BluePhoenix Solutions, subsequent to a merger of Crystal Systems with Liraz Systems, of which BluePhoenix was a subsidiary. BluePhoenix functioned as a subsidiary of Formula Systems

Formula Systems

Formula Systems is a publicly traded holding company headquartered in Or Yehuda, Israel. Through its subsidiaries it operates mainly in the area of information technology. Shares of Formula Systems are traded on the NASDAQ Global Select Market and on the Tel Aviv Stock Exchange...

until June 2007, when Formula sold its shares in the company to international institutional investors.

Management

BluePhoenix appointed Yaron Tchwella CEO of the company in 2009 to replace Arik Kilman, who had served as the company's CEO since 2003. Kilman returned to the position of CEO in 2010, as Tchwella announced he was leaving for personal reasons. In 2011 Kilman announced his retirement and in November was replaced by Shimon Bar-Kama.

Acquisitions

Company	Year	Price	Reference
SDC-FinansSystem	2002
IntraComp	2003
CePost	2004
CodeStream Software (Xitec)	2006
ASNA	2007