December 14, 2012
On Friday, Compuware Corporation (NASDAQ: CPWR ) announced that its wholly-owned Covisint subsidiary has filed a confidential draft registration statement with the Securities and Exchange Commission in preparation for a possible initial public offering of its Class A common stock. Covisint intends to IPO within the next three to six months if market conditions are favorable, and the SEC amenable.
According to S&P Capital IQ, Covisint is a provider of on-demand infrastructure services for secure collaboration, interoperability, and access to information. Like Compuware, it is headquartered in Detroit.
Compuware explained in a statement that the proposed Covisint IPO aims to "give Covisint greater flexibility to pursue strategic opportunities and to increase the company's visibility in the marketplace."
Shares of Compuware closed the day unchanged, at $9.53 per share.