Covisint: Valuation Insight from 13D filer
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.