Fri, Aug. 26, 11:24 AM
- The company last night announced an agreement with an activist investor in which three independent directors will be added to the board.
- SA Pro author Jim Roumell - who roughly one year ago penned a bullish piece on Covisint (COVS +2.4%) - applauds the moves.
- One new board member, John Smith, has 42 years in the auto industry, with much of that time spent at major Covisint client General Motors (Smith has also been named non-executive Chairman).
- Another new appointee, Andreas Mai, is Cisco's Director of Smart Connected Vehicles, and his selection likely signals a strengthening of the partnership between the two companies.
- Taken together, the "additions signal the company's focus on its automotive heritage, where it belongs," says Roumell.
- Roumell also believes Hyundai recently decided to deepen its relationship with Covisint, further underscoring the value of the company's platform, particularly in the automotive sector.
Mon, Aug. 8, 3:00 PM
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Mon, May 23, 12:48 PM
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Oct. 15, 2014, 12:47 PM
Oct. 10, 2014, 4:45 PM
- Ahead of its sale to Thoma Bravo, Compuware (NASDAQ:CPWR) is fully distributing its remaining 31.8M-share equity interest in cloud collaboration platform provider Covisint (NASDAQ:COVS).
- The shares will be distributed to Compuware shareholders on a prorated basis on Oct. 31. Compuware estimates investors will get 0.14 Covisint shares for each Compuware share they own.
Sep. 2, 2014, 9:53 AM
- P-E firm Thoma Bravo is buying Compuware (NASDAQ:CPWR) for $2.5B. The firm is paying $10.43/share in cash, and assigns a $0.67/share value to the distribution of Compuware's remaining Covisint (COVS +8.5%) shares. $0.18/share is deducted from the buyout price for tax payments related to the Covisint spinoff.
- The deal ends a very lengthy sales process that reportedly saw several bids from P-E firms, and resulted in multiple activists getting involved. Elliott Management (9.5% stake) backs Thoma Bravo's bid.
- Shares remain halted.
- Earlier: Compuware reportedly in sale talks
May 23, 2014, 12:45 PM
Mar. 13, 2014, 12:48 PM
Jan. 24, 2014, 12:47 PM
Sep. 26, 2013, 12:29 PM
- After pricing its 6.4M-share IPO at $10, Covisint (COVS) opened at $12.77 and is currently at $12.92, up 29.2%. That's good for a market cap of $470.3M, or 5.2x FY13 (ended March '13) sales.
- Compuware (CPWR -0.4%), which owns 82% of the cloud engagement/collaboration platform provider post-IPO, is off slightly. Compuware has said it plans to fully distribute its Covisint stake to shareholders within 12 months of the IPO.
- S-1, IPO preview
Covisint Corp. provides cloud platform for enabling organizations to securely connect, and collaborate with large, distributed communities of customers, business partners and suppliers. The company platform allows global organizations with complex external business relationships to create,... More
Industry: Business Software & Services
Country: United States