Yesterday, Compuware (NASDAQ:CPWR) filed the necessary papers for a public offering of its cloud division, . The plan is to list the company on the NASDAQ under the ticker “COVS.” Lead underwriters include Credit Suisse (NYSE:CS) and Pacific Crest Securities.
Covisint operates a so-called “cloud engagement” platform, which helps organizations securely connect and collaborate with customers, business partners and suppliers. For the most part, this system is focused on highly regulated industries like autos, healthcare and energy.
So far, Covisint has over 3,000 customers and 18 million users. Of course, a few of those 3,000 are mega customers that represent a huge chunk of the business. For example, 34% of revenues come from General Motors (NYSE:GM). Other big ones are AT&T (NYSE:T), Daimler (PINK:DDAIF) and the Blue Cross Blue Shield Association. Read