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Tuesday, 03 August 2021 15:19

CCC Intelligent Solutions Announces Return to Public Markets

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...accelerate innovation that helps our customers increase revenue, improve efficiency and improve the lives of millions of drivers.

 

“This is an important time for the industry, which is actively adopting technologies like AI, IoT and mobile to digitize operations and modernize the customer experience from start to finish," Ramamurthy continued. "CCC’s market leadership puts us in an excellent position to deliver on this long-term vision, powering our customers forward and achieving our long-term growth objectives.”

 

“This is an exciting moment---not just for CCC, but for the broader P&C insurance economy," said Marc Stad, founder and portfolio manager at Dragoneer. "Already a pioneer at the forefront of the industry’s rapid movement towards digitization, we expect that the additional capital from this transaction will enable CCC to accelerate its innovation, find new ways to create value for its customers and further revolutionize the P&C insurance space. We can’t wait to see what Githesh and the CCC team are able to accomplish in the public markets for their customers and the consumers they serve.”

 

In connection with the closing of the business combination, CCC has received net proceeds of approximately $605 million, which will be put towards CCC’s balance sheet, including repayment of debt.

 

Citigroup Global Markets Inc. acted as lead capital markets advisor to Dragoneer, in conjunction with capital markets advisors Goldman Sachs & Co., LLC and JP Morgan Securities LLC. Ropes & Gray LLP acted as legal counsel to Dragoneer.

 

Evercore Group L.L.C. acted as financial advisor and capital markets advisor to CCC. Kirkland & Ellis LLP acted as legal counsel to CCC and Advent.

 

Citigroup Global Markets Inc. acted as lead placement agent and Evercore Group L.L.C. as placement agent on the PIPE.

 

Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC acted as book-running managers on Dragoneer’s $690 million initial public offering.

 

Source: CCC

 

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