DETROIT, April 21, 2015 (GLOBE NEWSWIRE) -- Covisint Corporation (Nasdaq:COVS) and Tech Mahindra, a leader in digital transformation for the Telecommunications and Manufacturing industries, today announced the formation of the IoT Platform Innovation Center to accelerate delivery of connected IoT solutions for enterprise customers worldwide.
According to industry analysts, IoT product and service suppliers will generate incremental revenues exceeding $300 billion by 2020, and some predict the worldwide market for IoT solutions will grow from $1.9 trillion in 2013 to $7.1 trillion in 2020.
IoT solutions require six core capabilities, and this new strategic relationship brings together two industry leaders to deliver a comprehensive solution set for enterprises to accelerate their IoT initiatives, namely:
- Connectivity to environmentally aware things,
- Identity relationship management for connected things, people, systems and services,
- Robust, resilient, and highly sophisticated information exchange capabilities between them,
- Ingestion of data resulting in intelligent insights and autonomous actions,
- Deep industry and customer expertise, and
- Agile service delivery.
"Covisint pioneered connecting the automotive industry when we created the first business-to-business exchange between automotive OEMs and their suppliers almost 15 years ago," said Covisint Chairman and CEO Sam Inman. "We leveraged that same technology to connect owners to their vehicles, delivering never-before possible capabilities via our strategic relationships with industry-leading OEMs for connected car solutions. Working with the Mahindra Group, we're looking forward to bringing these same capabilities to all vehicle owners worldwide."
"We are excited to be a part of this initiative and we are confident that this collaboration will provide us a distinct edge with alliances and customers. Leveraging Covisint's cloud-based platform and Tech Mahindra's expertise in IoT and digital transformation opens up promising vistas for us," said Dr. Rishi Bhatnagar, Head – Digital Enterprise Services at Tech Mahindra.
By embracing IoT, enterprises can stay ahead of the accelerating innovation curve by satisfying customer demand for new ways of interacting and the need to automate business processes across an enterprise and business partner network, while thriving amidst exponential growth of devices, data and technologies.
About Covisint Corporation
Covisint provides a single entry point for business partners, customers and employees to connect with enterprises that ensures trusted information gets to the right people and place at the right time. Covisint's B2B Cloud Platform enables solutions that allow enterprises and industries to solve complex information and user management challenges across Business-to-Partner (B2P), Business-to-Customer (B2C) and Business-to-Enterprise (B2E) relationships. Today, Covisint powers, secures and connects more than 210,000 business partners and customers to some of the world's leading global enterprises across multiple industries. Learn more at www.covisint.com.
About Tech Mahindra
Tech Mahindra is a specialist in digital transformation, consulting and business re-engineering solutions. We are a USD 3.5 billion company with 98,000+ professionals across 51 countries. We provide services to 674 global customers including Fortune 500 companies. Our innovative platforms and reusable assets connect across a number of technologies to deliver tangible business value to all our stakeholders. Tech Mahindra is also amongst the Fab 50 companies in Asia as per the Forbes 2014 List.
We are part of the USD 16.5 billion Mahindra Group that employs more than 200,000 people in over 100 countries. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology, financial services and vacation ownership.
Connect with us on www.techmahindra.com
CONTACT: Media Contact Kristin Reeves Blanc & Otus for Covisint 415.856.5145 Aashish Washikar firstname.lastname@example.org +91 40 30675493 www.techmahindra.com For Sales and Marketing Information Covisint Corporation, One Campus Martius, Detroit, MI 48226, 313-961-4100, http://www.covisint.com