BluePhoenix Solutions (Nasdaq:BPHX) today announced that it has signed a share purchase agreement to acquire all of the outstanding shares of CePost.
Start-up CePost develops and markets software solutions for electronic document mining, management and presentment.
No value was disclosed. BluePhoenix said that the immediate direct contribution of the acquisition to its results "will not be material". However, BluePhoenix added that it considers CePost's products valuable "as they can generate added value for customers looking to modernize their systems by utilizing a non-invasive approach."
Investors in CePost include Calanit Carmon, Bank Leumi, Clal Information Technology, and entrepreneur Roni E. Einav, a founder and chairman of New Dimension Software, Ltd. CePost has installations at Israeli major financial, insurance and commercial organizations such as Bank Leumi and Israel Credit Cards Ltd (ICC).
BluePhoenix Solutions CEO Arik Kilman said, "CePost's solutions are particularly useful in the financial services market in which we already have a strong customer base."
BluePhoenix develops solutions that enable companies to automate the process of modernizing and upgrading their mainframe and distributed IT infrastructure. The company's major shareholder is Formula Systems (Nasdaq:FORTY).
Published by Globes [online] - www.globes.co.il - on 12 January 2004