Covisint continues path of acceleration

Internet start-up overcomes market challenges and demonstrates positive growth

Southfield, Mich. - March 10, 2003 -- Covisint, the global independent e-business environment for the automotive industry, today announced business highlights for 2002 demonstrating positive growth for the company compared to 2001. The company saw its membership figures reach more than 77,000 active users in over 15,000 registered companies during 2002. This represented a 253 percent growth from a year earlier when Covisint served 21,796 users.

"Covisint has established itself as a key resource within the automotive and the technology industries at a time when other major players have experienced a challenging year," said Bruce Swift, president and chief operating officer of Covisint. "Since our launch in 2000, we have responded to our customers' varying demands with flexible solutions that address their critical business needs and connect their supply chain. It is this focus that has led to reductions in inefficiencies in our customers' supply chains and has enabled us to succeed where other exchanges have failed."

When Covisint launched its business during 2001, the initial focus was to provide auction services, as this was the fastest way to deliver value to its customers. Since that time, Covisint has developed a diverse range of services to fulfill customer needs and provide a much broader portfolio of solutions that address procurement, quality management and connectivity. During 2002, Covisint succeeded in securing agreement from Daimler-Chrysler, Ford and GM to a standard APQP application; launching portals for Lear, DaimlerChrysler and Ford; providing its Problem Solver software to JCI and Delphi; and began providing web based EDI to Lear.

Swift attributes the success - to the company's blended team of seasoned automotive and information industry professionals and the commitment of its customers in a tough economic climate: "In a year characterized by caution, we've made tremendous progress, thanks in no small part to the vision of our customers who continue to use Covisint in their push to achieve operational efficiency and standardization in the automotive industry."

Covisint was recently awarded an independent, third-party security certification by Trust Services for its information systems and processes. Trust Services is awarded based on an audit to validate availability, security, integrity and maintainability using standards from the American Institute of Certified Public Accountants. This ensures that all data is protected and secure.

"We're committed to continuing to deliver value in 2003 to assist our customers in achieving efficiency and cost-savings in their businesses with added-value services, Swift said. "2003 is set to be an exciting and successful year for Covisint with the launch of a new messaging service that will connect the industry better than ever by reducing the overall costs of handling and transmitting data throughout a data-messaging hub that is leveraged across the industry."

Since its inception, Covisint has remained true to its mission to provide services that connect trading partners and improve their interactions within the supply chain.

About Covisint
Covisint is the technology company whose business-to-business products and services connect and enable the global automotive industry to reduce costs, increase efficiency, enhance quality and improve time to market. Covisint was founded by DaimlerChrysler, Ford, General Motors, Renault, Nissan, Commerce One and Oracle. Since its inception, PSA Peugeot Citroen also has joined the initiative. Covisint has headquarters in Amsterdam, Tokyo, Southfield, Mich., and offices in Frankfurt, Paris and Brazil. For more information about Covisint, visit www.covisint.com.

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