DETROIT, Dec. 03, 2015 (GLOBE NEWSWIRE) -- Covisint Corporation (Nasdaq:COVS), the leading Cloud Platform for building Identity and Internet of Things (IoT) applications, today announced one of the fastest growing and most profitable European Automotive OEMs has selected Covisint as their global standard for identity management. Through this new five-year, non-cancellable agreement, this customer will use Covisint’s cloud identity management services as the core technology behind their digital transformation initiative, enabling faster and more secure information exchange across their ecosystem of over 100,000 people, systems and things.
Beginning late last year, Covisint partnered with this customer to address the technologies required for accelerating the flow of information both internally, and with their large and growing network of global business partners, retailers and affiliates. The focus was on supporting the growth trajectory and pace of innovation expected over the next five years. Furthermore, the customer also realized that the increasing risks of data breach and industrial espionage required them to implement a system that equally improves their information security, access control and governance capabilities.
After a competitive selection process, this customer chose the Covisint Cloud Platform because it:
- Is the leading cloud-native, multitenant platform that offers complete identity lifecycle management and identity governance capabilities
- Offers turnkey enterprise management capabilities, critical to supporting the unique demands of large & complex ecosystems of business partners
- Has a proven 12-year track record of successfully supporting production-critical applications, and
- Offers broader capabilities beyond identity to support their future initiatives, such as consumer identity and connected vehicle applications
Our customer expects to receive substantial benefit from the Covisint Cloud Platform, including:
- Business agility – giving retailers, employees, & suppliers the ability to access the applications and data they need more quickly, and thereby enabling the business to move faster
- Improved security & compliance – by consolidating systems and identities, eliminating account sharing, and improving auditability
- Better usability – with a single identity and single sign on, and
- Cost savings – in excess of $4M / year, from technology consolidation and reduction in support
The Covisint Cloud Platform will be on display and demonstrated at the Gartner Identity & Access Management Summit – December 7-9, 2015 in Las Vegas – where visitors can learn more on this initiative as well as Covisint’s approach to managing the identity of everything – people, systems, and things.
About Covisint Corporation
Covisint is the leading Cloud Platform for building Identity and Internet of Things (IoT) applications, and enables the identification, authorization and connection of complex networks of people, processes, systems and things.
Covisint's open, developer-friendly, enterprise-class Cloud Platform facilitates the rapid development and deployment of the Internet of Things (IoT), Identity Management (IdM) and Connected Supply Chain solutions - enabling customers to securely identify, authenticate and connect users, devices, applications and information. Covisint has been successfully operating globally at enterprise scale for more than 12 years. Today, the Covisint Platform enables more than 3,000 organizations to connect with more than 212,000 business partners and customers, and supports more than $4 billion in ecommerce transactions annually. Learn more at www.covisint.com.
Forward-looking Statements
Certain statements in this release that are not historical facts, including the anticipated number of users of the Covisint Platform, the expected performance of the Covisint Platform, the elements of a cloud platform, and nature of the competition from a technology and market perspective, are “forward-looking statements” within the meaning of the federal securities laws. These forward-looking statements represent our outlook only as of the date of this release. While we believe any forward-looking statements we have made are reasonable, actual results could differ materially since the statements are based on our current expectations and are subject to risks and uncertainties. These risks and uncertainties are discussed in the Company’s reports filed with the Securities and Exchange Commission. Readers are cautioned to consider these factors when relying on such forward-looking information. The Company does not undertake, and expressly disclaims any obligation, to update or alter its forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
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