FreeMarkets to Buy Covisint’s Auction Unit
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From Dow Jones/Associated Press
FreeMarkets Inc., an operator of online auctions, has agreed to acquire the auction business of Covisint, which was founded by the Big Three automakers to help them do business online with their suppliers.
Terms weren’t disclosed.
Pittsburgh-based FreeMarkets would provide sourcing services to automakers DaimlerChrysler, General Motors Corp. and Ford Motor Co. under long-term agreements.
Shares of FreeMarkets rose 38 cents to $6.70 on Nasdaq.
From Dow Jones/Associated Press
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