Case Studies

Creativity & Flexibility: Acquired Three Divisions of Compuware


Compuware Corporation (formerly NASDAQ:CPWR), a provider of mainframe application development and performance optimization software solutions, decided to launch a strategic review process in response to activist investor pressure. After evaluating several strategic alternatives to maximize shareholder value, the Compuware Board decided to divest three non-core businesses – two software divisions (Changepoint and Uniface), and one IT services division (Lochbridge).

Transaction Summary

  • Three distinct sale processes were launched to divest these divisions, but Marlin was the only buyer to offer a unique solution to acquire all of the business units simultaneously in a one-stop solution for Compuware
  • Our experience with complex corporate carve-outs gave us the ability to quickly disconnect the businesses from deeply rooted and shared IT infrastructure, customer contracts, vendor relationships and financial systems, with minimal disruption
  • Marlin quickly diligenced the three independent businesses (collectively, with offices in 17 countries) in less than six weeks and successfully navigated complex union and workers’ council requirements and approvals


Marlin’s creative approach and ability to acquire three separate business units mitigated substantial execution risk for Compuware and paved the way for their eventual take-private transaction.