Compuware files for IPO of Covisint unit
Compuware says it may conduct IPO of its Covisint business in 3 to 6 months
DETROIT (AP) -- Software company Compuware Corp. said Friday that it filed for a possible initial public offering of its Covisint Corp. unit and could conduct the IPO in three to six months.
Compuware said the IPO would give Covisint more flexibility to pursue strategic opportunities and increase its visibility. Covisint specializes in secure, industry specific communication and collaboration, according to its website.
Compuware expects to conduct the IPO pending a review from the Securities and Exchange Commission and depending on market conditions.
In the company's last fiscal year Covisint's revenue grew 34 percent to $73.7 million. That was about 7 percent of Compuware's total revenue of $1.01 billion. In the first half of its current fiscal year, Covisint reported $41.1 million in revenue, about 9 percent of Compuware's revenue.
Shares of Compuware rose 2 cents to $9.55 in midday trading.
