BluePhoenix (BPHX) to Sell Knowledge Management Business

June 14, 2012 12:02 PM EDT
BluePhoenix Solutions (Nasdaq: BPHX), 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.

The closing is subject to certain terms and conditions specified in the agreement.

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