{"id":732,"date":"2017-06-07T15:05:42","date_gmt":"2017-06-07T15:05:42","guid":{"rendered":"https:\/\/solutionsreview.com\/data-management\/?p=732"},"modified":"2017-06-07T15:19:54","modified_gmt":"2017-06-07T15:19:54","slug":"opentext-to-acquire-covisint-for-103-million-in-cash","status":"publish","type":"post","link":"https:\/\/solutionsreview.com\/data-management\/opentext-to-acquire-covisint-for-103-million-in-cash\/","title":{"rendered":"OpenText to Acquire Covisint for $103 Million in Cash"},"content":{"rendered":"
\"OpenText

Source: OpenText<\/p><\/div>\n

OpenText has entered into a definitive agreement<\/a> to acquire Southfield, Michican-based Covisint. Covisint is a cloud platform provider for building Identity and Internet of Things applications.\u00a0Covisint was founded in 2000 as a consortium that included General Motors, Ford and DaimlerChrysler. It was acquired by Compuware Corp. in 2004 and spun off as a separate company in 2014.<\/p>\n

The merger will enhance the provider’s\u00a0EIM offering with cloud-based IoT Platform as a Service and expand the vendor’s presence in the auto industry through partnerships for supply chain collaboration.\u00a0Covisint will be integrated into the OpenText Business Network, a portfolio of cloud solutions and software that facilitates efficient, secure, and compliant information flows between organizations.<\/p>\n

The transaction is worth $103 million in market value, which translates to $75 million in enterprise value. The purchase price per share is $2.45. OpenText plans to fund the acquisition in an all-cash deal, and is expected to close in the third quarter of 2017 and is subject to customary closing conditions.<\/p>\n

OpenText has made several notable acquisitions over the last 18 months, spending more than $2.47 billion in total. In April of 2016, they swallowed up the software segment of HP, the 3rd largest software company in the world from a revenue perspective. Later that same month, they absorbed ANXeBusiness, a provider of managed network, transaction delivery, and product lifecycle management products and services. In June, enterprise search and categorization platform Recommind became a part of\u00a0the Data Management behemoth<\/a>.<\/p>\n

Read the full press release.<\/a><\/p>\n

<\/div><\/p>\n
\t\t\t

\"Download<\/a><\/p>\n<\/div>\n\t\t<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"

OpenText has entered into a definitive agreement to acquire Southfield, Michican-based Covisint. Covisint is a cloud platform provider for building Identity and Internet of Things applications.\u00a0Covisint was founded in 2000 as a consortium that included General Motors, Ford and DaimlerChrysler. It was acquired by Compuware Corp. in 2004 and spun off as a separate company […]<\/p>\n","protected":false},"author":23,"featured_media":733,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[283,50],"acf":[],"yoast_head":"\nOpenText to Acquire Covisint for $103 Million in Cash<\/title>\n<meta name=\"description\" content=\"OpenText enters into\u00a0definitive agreement\u00a0to acquire Covisint, a cloud platform provider for building Identity and Internet of Things applications.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/solutionsreview.com\/data-management\/opentext-to-acquire-covisint-for-103-million-in-cash\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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