Under the agreement, which was unanimously approved by the Boards of Directors of both companies, Mitchell and CCC will merge in a stock-for-stock exchange. Ownership and board seats will be held equally by Aurora Capital Group, the private equity sponsor of Mitchell, and Investcorp, the private equity sponsor of CCC. In addition, CCC-Mitchell management will have a significant stake in the combined enterprise.
    Ramamurthy, currently chairman and CEO of CCC, will become the CEO of the combined company. Sun, currently president and CEO of Mitchell, will serve as president of CCC-Mitchell.
    “Among its many advantages, the expanded resources of the combined enterprise will enable it to deliver more innovation faster, which will drive increased growth and will, in turn, provide employees with enhanced opportunities for career advancement,” Sun said. “CCC-Mitchell will draw from the talent pools of both companies, with a focus on continuing to provide outstanding products, service and support for our customers.”
    Ramamurthy added: “The combined company will be able to expand and update our product portfolio, customer base and geographic coverage more quickly than either company could have individually. Over time, our auto physical damage products and services will evolve to a single, leading platform for each of our applications, allowing us to deliver greater innovation and functionality to both insurers and repairers.”
    Given the geographic distribution of the companies’ respective workforces and customers, as well as the companies’ ability to connect through their existing systems, it is anticipated that
CCC-Mitchell will operate from multiple locations while maintaining a significant presence in
both San Diego and Chicago.
    Completion of the transaction is expected to occur immediately following completion of
regulatory review and satisfaction of customary closing conditions.
    To find out more about CCC, visit www.cccis.com. For more information on Mitchell, go to www.mitchell.com.