BluePhoenix Solutions is a publicly traded company, headquartered in Israel, that develops and sells modernization solutions for legacy information technology (IT) systems. Its shares are traded on the NASDAQ Global Market exchange. The company partners with global systems integrators like IBM, Microsoft, Oracle and Dell to deliver its software and services. BluePhoenix Solutions specializes in the modernization of corporate legacy databases and applications. The firms automated translation platform serves as a base to provide services for clients updating legacy systems to more modern platforms. This technology is designed to reduce risk and contain costs associated with modernization of legacy software applications and databases. BluePhoenix Solutions was founded by Aaron Crystal in 1987 under the name A. Crystal Solutions. Soon afterwards Formula Systems acquired control of the company, while the founder retained some of his shares and continued to serve as the companys CEO until 1996, when its name was changed to Crystal Systems Solutions and it went public on Nasdaq under the leadership of Dan Goldstein and his brother Gad. In January 1997 the companys shares began trading on what was then the NASDAQ National Market under the symbol CRYSF. Among the companys clients were Microsoft, Synopsys and Bank Leumi. In 2003 the name Crystal Systems was changed again, this time 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 until June 2007, when Formula sold its shares in the company to international institutional investors. In 2009, BluePhoenix Solutions acquired DSKnowledge Ltd. In 2012, a new investment group appointed Matt Bell CEO. Bell conducted a dramatic reorganization, strengthening the companys financials and refocusing on core legacy modernization solutions.