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Covisint: Valuation Insight from 13D filer

Jan 25, 2017

List of 13D filers:

  • Roumell Asset Management, June 2016

Roumell Asset Management, June 2016

Recent comparable transactions suggest a sales price would likely be meaningfully higher than the current share price.  To wit, in 2013, PTC purchased the IoT platform, and Covisint competitor, ThingWorx for $112 million, plus a possible earn-out of up to $18 million.  ThingWorx was reported to have only $10 million in revenue in the 12 months following the acquisition.  Multiple industry contacts inform us that the ThingWorx platform is two notches below Covisint’s platform’s capabilities.




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