CCC Intelligent Solutions Holdings (CCC) has recently made headlines with its announcement of a significant secondary offering.
The company, a stalwart in the NASDAQ under the ticker CCCS, disclosed plans for a secondary offering of 40 million shares of its common stock. This move is orchestrated by affiliates of two major investment firms, Advent International and Oak Hill Capital Partners, collectively known as the Selling Stockholders.
The Selling Stockholders are not only offering a substantial amount of shares but have also proposed giving the underwriters a 30-day option to purchase up to an additional 6 million shares of CCC’s common stock. It’s important to note that this offering is exclusively comprised of shares to be sold by the Selling Stockholders, leaving CCC without any proceeds from this transaction.
The secondary offering is supported by a trio of heavyweight financial institutions acting as joint book-running managers. Goldman Sachs & Co. LLC, BofA Securities, and J.P. Morgan are leading the charge, ensuring the offering’s success.
Delving into CCC’s background reveals its pivotal role within the property and casualty (P&C) insurance sector. As a leading SaaS platform, CCC facilitates critical operations across the multi-trillion-dollar P&C insurance economy. Its services cater to a diverse clientele, including insurers, repairers, automakers, part suppliers, and lenders. By leveraging cloud technology, CCC connects over 35,000 businesses, digitizing essential workflows, commerce, and customer experiences. The company’s dedication to innovation, particularly in AI, IoT, customer experience, network, and workflow management, underscores its commitment to advancing the industry and ensuring the continuity of people’s lives in crucial moments.
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