Covisint, which provides secure, cloud communication and collaboration platforms primarily to the auto and healthcare industries, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering. Covisint was acquired by Compuware (NASDAQ: CPWR) in 2004.
The Detroit, MI-based company, which was founded in 2000 and booked $78 million in sales for the 12 months ended June 30, 2012, plans to list on the NASDAQ under the symbol COVS. Covisint initially filed confidentially on December 14, 2012. Credit Suisse and Pacific Crest Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
