Redwood Shores, CA and Detroit PRNewswire December 13, 2000 It was a good day for Oracle. The high-profile Covisint group yesterday chose Oracle to be their B2B software provider. Covisint and Oracle finalized their technology and licensing agreement yesterday, only a day after Covisint made headlines for choosing Commerce One as its procurement software provider.
Under the terms of the agreement, Covisint will implement the Oracle E-Business Suite, Oracle Exchange Marketplace, Oracle technology platform (including the Oracle database and application server) and Oracle Internet Developer Suite. This collection of software completes Oracle's vision of a complete' B2B marketplace infrastructure.
Oracle's comprehensive range of products and technology for business to business commerce on the web will be a key asset to Covisint, said Rico Digirolamo, the acting CEO of Covisint. We're delighted to have Oracle as a key partner for this exciting venture which promises to raise the bar for how Internet commerce will be conducted.
As a part of the agreement, Oracle receives an equity position in Covisint, LLC. The transaction was closed in early December and will be recognized as revenue in Oracle's fiscal third quarter, which closes on February 28, 2001.