Market Overview

Covisint Announces Spin-Off from Compuware Completed, Announces Board Changes

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Covisint Corporation (Nasdaq: COVS),
provider of a B2B Cloud Platform that ensures trusted information gets where
it needs to go securely and seamlessly, today announced that, on October 31,
2014, Compuware Corporation (Nasdaq: CPWR) completed its previously announced
distribution of all of its 31,384,920 shares of Covisint as a pro rata
dividend on shares of Compuware common stock. Covisint is now fully
independent of Compuware, which no longer owns any Covisint common stock.

Covisint also announced changes to its board structure, with the appointment
of Sam Inman as chairman and Philip Lay as lead director. Bob Paul will remain
on the board as a director.

"The completion of the spinoff puts Covisint on a path to diversify our
shareholder-base as we grow our business," said Covisint Chairman and CEO Sam
Inman. "With the addition of Philip serving as our lead director, the Covisint
board has streamlined an effective structure necessary to move Covisint ahead.
On behalf of the Covisint board of directors, I would like to thank Bob for
his service to Covisint as our chairman."

"In light of the nature and size of Covisint's business, and Sam's extensive
board and CEO experience, the board determined that combining the roles of CEO
and chairman was the most effective structure for the company," said Philip
Lay, the company's lead director. "The board intends an active role for the
independent directors in the management of the board through a lead director.
I am delighted to work with Sam to assist in delivering on Covisint's
significant potential."

Posted-In: News Management Press Releases

 

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