Traverse City Record-Eagle
---- — Compuware plans IPO for Covisint subsidiary
DETROIT — Software development company Compuware Corp. says it’s planning an initial public offering for its Covisint Corp. subsidiary.
Detroit-based Compuware says in a registration statement with the Securities and Exchange Commission filed on Tuesday that it wants to raise $100 million from investors with the IPO from Covisint, a leading cloud engagement platform provider.
The Detroit Free Press reports Compuware would remain Covisint’s controlling shareholder.
Compuware said in a statement Wednesday that the number of shares to be sold and the price range for the proposed offering haven’t been determined.
The proposed IPO is intended in part to give Covisint greater flexibility to pursue strategic opportunities and to increase the company’s visibility.
Compuware in January rejected a $2.35 billion takeover bid by one of its largest shareholders.