2/6/2004 - Compuware Corporation (NASDAQ:CPWR) and Covisint, LLC (Covisint) announced that they have entered into a definitive agreement for Compuware to acquire the products and technology of Covisint--the company whose solutions connect the global automotive industry. Covisint has more than 135,000 users in more than 96 countries. Compuware expects that this purchase will add one to two cents per share to Compuware’s earnings for its next fiscal year ending March 31, 2005.
Compuware and Covisint expect to close the transaction within 30 days, subject to customary closing contingencies.
“Combining Compuware’s productivity solutions and skilled professionals with Covisint’s messaging, portal and web services offerings will present a compelling package that can significantly extend cost-savings for OEMs and suppliers,” said Compuware Chairman and CEO Peter Karmanos, Jr. “Compuware’s financial stability, global presence and mature services and development organizations will only enhance the value Covisint is able to deliver to the automotive industry. This is an outstanding opportunity to gain synergy from extended relationships and enhanced technology.”
Covisint’s offerings help some of the largest companies in the world connect, communicate and collaborate through a common infrastructure, eliminating redundancies, reducing costs and increasing productivity. The majority of Covisint’s staff will be retained and is expected to transition to Compuware’s Detroit headquarters over the next several months.
“Now that Covisint is running mission-critical processes for the OEMs and large Tier One Suppliers they would like us to rapidly expand our capabilities,” said Bob Paul, Covisint President and CEO. “Under the stewardship of Compuware we will be able to globally scale our technology offering. Compuware was a logical choice for us due to its strong local presence and similar commitment to the automotive industry.”
Compuware Corporation, a leading provider of software and technology services, delivers industrial-strength solutions for the enterprise computing environment that dramatically improve productivity, quality and performance across the application life cycle. For more information about Compuware, please visit http://www.compuware.com.
Compuware will host a press conference and conference call at 11:00 a.m. Eastern time (16:00 GMT) today to discuss this acquisition. Interested parties from the United States should call 877-459-8388. For international access, the conference call number is +1-484-630-8751. The password for the conference call is Compuware. A conference call replay and webcast will also be available. For more information, visit the Compuware Corporation Investor Relations web site at http://www.compuware.com.
Previous Page | News by Category | News Search
If you found this page useful, bookmark and share it on: