DETROIT and SHANGHAI, China, Dec. 07, 2016 (GLOBE NEWSWIRE) -- Covisint Corporation (Nasdaq:COVS) today announced that it has signed agreements with Chinese automotive OEMs, SAIC General Motors (SGM) and NextEV to launch supplier engagement platforms for each of their global enterprises.
The Covisint platform provides the foundation for SAIC General Motors (SGM) and NextEV to provide easy access to critical applications and content to their ecosystem of suppliers, regardless of size or location, and enable both SAIC General Motors and NextEV to realize the following benefits:
"Innovative, high-growth companies like SGM and NextEV recognize the need for a single, global platform to meet their next generation supply chain needs," said Steve Asam, CTO, Covisint. "We are proud to expand our global platform to enable the first and only Automotive Exchange to be hosted in China."
Established in June 1997, SAIC General Motors (SGM) is a joint venture between SAICMOTOR and General Motors, and is the largest automotive OEM in China. Today, SGM is a multi-brand company with more than twenty product lines, including the world-renowned Buick, Chevrolet, and Cadillac brands, covering the luxury, compact, sedan, MPV, and SUV segments, as well as hybrid and electric vehicles. They expect over 5,000 suppliers to be connected to the platform in the near future.
Covisint was recognized as supplier of the year by SAIC GM in 2016 and was the sole IT supplier to receive this award.
NextEV is the newest Chinese electric vehicle OEM headquartered in San Jose and has over 2,000 employees across 12 countries. NextEV released the NIO brand, as well as model EP9 as the first ultra-pure electric vehicle in China on November 21, 2016.
"Covisint is the leader in providing automotive supply chain solutions in China, as our global network continues to grow," said Yan Zhang, General Manager of Asia Pacific Operations for Covisint. "This continued growth in China validates the value our platform delivers."
SAIC General Motors and NextEV join the world's largest automotive supplier network, which has over 97,000 suppliers globally connected to 7 global OEMs. Over 600,000 supplier users access more than 700 applications and services across these OEMs. The community is multi-lingual available in over 10 languages and with 24x7x365 help desk support in 6 global locations.
About Covisint Corporation
Covisint is the leading Cloud Platform for building Identity and Internet of Things (IoT) applications. Our Cloud Platform technology facilitates the rapid development of identification, authorization and connection of complex networks of people, processes, systems and things.
The Covisint Cloud Platform supports customers in their endeavors to securely identify, authenticate and connect users, devices, applications and information. It supports 2,000 organizations who connect more than 212,000 business partners and customers that support $4 billion in ecommerce transactions annually. Learn more at www.covisint.com.
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This news release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 - that is, statements related to future events. In this context, forward-looking statements may address our expected future business and financial performance, and often contain words such as "expects", "anticipates", "intends", "plans", "believes", "will", "should", "could", "would" or "may" and other words of similar meaning. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For Covisint, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include, risks and uncertainties related to the customer's launch of the solution within their eco-system; our ability to continue to host the platform in China; our ability to attract new customers; unpredictable macro-economic conditions; and other risks and uncertainties discussed in this and our other filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2016 and subsequent Quarterly Reports on Form 10-Q. We do not undertake to update our forward-looking statements except as required by law.