DETROIT, May 19, 2015 (GLOBE NEWSWIRE) -- Covisint Corporation (Nasdaq:COVS), the cloud platform of choice for Internet of Things (IoT) and Identity Management (IdM) solutions, today announced that it has reached a definitive agreement with Cisco to use the Covisint platform to power General Motors (GM) OnStar and SupplyPower through 2020. Under the terms of this five-year, non-cancelable contract, GM will materially increase their use of the Covisint platform to support growth in these solutions. This economically favorable transaction is a major milestone in the strategic partnership with Cisco, and a win for General Motors, Cisco and Covisint.
About Covisint Corporation
Covisint provides an open, developer-friendly, enterprise-class cloud platform to facilitate the rapid development and deployment of Internet of Things (IoT), Identity Management (IdM), and B2B collaboration solutions. Our platform enables users to securely identify, authenticate and connect users, devices, applications and information, and has been successfully operating globally at enterprise scale for over 12 years. Today, the Covisint platform enables more than 3,000 organizations to connect with more than 212,000 business partners and customers, and supports more than $4 billion in ecommerce transactions annually.
This press release contains forward-looking statements, including statements regarding Covisint's contractual relationships with Cisco Systems, Inc. and General Motors Corporation. These forward-looking statements are based upon Covisint's current expectations and are not a representation that such estimates or expectations will be achieved. Covisint is party to existing contracts which may be subject to negotiation and/or potential modification, which may affect actual results. These forward-looking statements represent Covisint's expectations as of the date of this press release. Subsequent events may cause these expectations to change, and Covisint disclaims any obligation to update the forward-looking statements in the future. Further information on potential factors that could affect actual results are included in Covisint's reports filed with the SEC.
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