Covisint Lands With Compuware
Compuware Corp. purchases Covisint LLC from the auto makers that founded the communications hub three years ago. Compuware, a software and technology service provider, will move Covisint's 100 employees from Southfield, MI, to Compuware's new offices in downtown Detroit. Covisint will operate as a wholly owned subsidiary of Compuware, which posted 2003 sales of $1.4 billion and has 10,000 employees.
March 1, 2004
Compuware Corp. purchases Covisint LLC from the auto makers that founded the communications hub three years ago.
Compuware, a software and technology service provider, will move Covisint's 100 employees from Southfield, MI, to Compuware's new offices in downtown Detroit.
Covisint will operate as a wholly owned subsidiary of Compuware, which posted 2003 sales of $1.4 billion and has 10,000 employees.
Bob Paul, who became president and CEO of Covisint in June, will remain at the helm under Compuware ownership.
“Covisint is alive and very well,” Paul says. “Covisint is as healthy as it's ever been. We couldn't have found a better steward.”
The deal gives Compuware Covisint's Messaging, Supplier Connect and Problem Solver businesses. Covisint sold its auction business to FreeMarkets Inc. Dec. 31.
Oddly, the auction business contributed significantly to Covisint's first profits, posted in May 2003. Without the auction, Paul says Covisint is back in the red but will be profitable again in the second quarter — and beyond.
You May Also Like
