DETROIT, May 24, 2016 (GLOBE NEWSWIRE) -- Covisint Corporation (Nasdaq:COVS), the leading Cloud Platform for building Identity and Internet of Things (IoT) applications, today confirmed that it has received an unsolicited overture from Vector Capital expressing its interest in acquiring the Company for an unspecified price. In addition to not specifying any price or premium amount, no other economic terms were specified in Vector Capital’s letter.
The Company’s board of directors is committed to acting in the best interests of all shareholders and stakeholders. Consistent with its fiduciary duties and responsibilities under Michigan law, the Company’s board of directors will carefully evaluate and consider this overture, in consultation with its financial and legal advisors, in the context of the Company’s strategic plans, and its ongoing review of a broad range of opportunities to enhance shareholder value through strategic, financial and operational measures. The Company’s shareholders do not need to take any action at this time.
About Covisint Corporation
Covisint is the leading Cloud Platform for building Identity and Internet of Things (IoT) applications. Our Cloud Platform technology facilitates the rapid development of identification, authorization and connection of complex networks of people, processes, systems and things.
Covisint's Platform supports customers in their endeavors to securely identify, authenticate and connect users, devices, applications and information. It supports 3,000 organizations who connect more than 212,000 business partners and customers that support $4 billion in ecommerce transactions annually. Learn more at www.covisint.com.
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