Covisint Corp

No Longer Reporting

The company has not filed an annual or quarterly report since its FY2017 10-K, filed Jun 5, 2017. Its latest SEC filing is a SC 13G/A from Feb 13, 2018.

The sections below describe the company as of the FY2017 annual report.

What Did They Do?

Provides a cloud platform that enterprises use to manage digital identities, connect internet-connected devices, and support connected-vehicle applications.

How Did They Make Money?

Customers pay subscription and support fees for access to the platform over agreement terms, plus fees for implementation and consulting work, which is delivered in phases.

FY2017 revenue

Who Were Their Customers?

Large and mid-sized organizations with complex business networks use the platform, particularly in automotive and other industries. Covisint provides some GM services as a subcontractor under Cisco-led contracts, and also pursues direct sales and partner opportunities.

Customers above 10% of revenue, FY2017

of revenue from two customers (42%, 2%)

FY2015: 35% from two customers

Did Revenues Turn Into Profits?

No. It lost $12.7M in FY2017.

Operating income, FY2017

−18% of revenue

▼ −13% (Loss) vs FY2016 (−$14.7M, −19%)

Net income, FY2017

−18% of revenue

▼ −15% (Loss) vs FY2016 (−$14.9M, −20%)

Free cash flow, FY2017

−5% of revenue

▼ −59% (Loss) vs FY2016 (−$7.7M, −10%)

How Were They Changing?

Since the FY2017 annual report

Jul 26, 2017 OpenText completed its acquisition of Covisint Covisint became a wholly owned OpenText subsidiary, and the company requested that its shares be delisted from Nasdaq.

Shrank. Revenue fell 21% in 2 years, from $88.5M in FY2015 to $70.2M in FY2017, about 11% a year.

A narrower platform portfolio The business description moves from a broad cloud engagement platform for external business processes toward offerings focused on identity, IoT and connected-vehicle applications.

Less healthcare and services The earlier report described healthcare as a target industry; the later report says Covisint stopped certain healthcare applications and shifted from a services business toward a platform company.

Who Did They Compete With?

Competes with Microsoft, IBM, AWS, Salesforce, PTC, Okta, SailPoint, SiriusXM, Harman, Verizon, and Vodafone

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