CHICAGO - CCC Intelligent Solutions Holdings Inc. (NASDAQ: CCCS), a SaaS provider for the property and casualty (P&C) insurance sector, announced today that affiliates of Advent International, L.P. and Oak Hill Capital Partners are planning a secondary offering of 20 million shares of CCC's common stock. The shares will be sold from time to time in negotiated transactions or otherwise, based on prevailing market prices.
This secondary offering will consist entirely of existing shares owned by the aforementioned affiliates, known as the Selling Stockholders. CCC Intelligent Solutions itself will not receive any proceeds from the secondary offering. The sale is subject to market conditions and other factors, with J.P. Morgan acting as the book-running manager for the transaction.
The offering is made under an effective shelf registration statement that was filed with the Securities and Exchange Commission (SEC) and became effective on October 14, 2022. Interested parties can obtain the prospectus supplement and accompanying base prospectus once available from the SEC's EDGAR database or directly from J.P. Morgan Securities LLC.
CCC Intelligent Solutions Inc., a subsidiary of CCC Intelligent Solutions Holdings Inc., is recognized for its innovative SaaS platform utilized by insurers, repairers, automakers, part suppliers, and lenders. The company's cloud technology connects over 35,000 businesses, facilitating digital workflows, commerce, and customer experiences.
InvestingPro Insights
As CCC Intelligent Solutions Holdings Inc. (NASDAQ: CCCS) navigates the landscape of secondary offerings, investors are closely monitoring the company's financial health and market performance. According to InvestingPro data, CCCS showcases a market capitalization of $7.12 billion. The company's revenue growth remains robust, with a 10.73% increase over the last twelve months as of Q4 2023, and a gross profit margin impressively high at 76.53%, reflecting its operational efficiency within the SaaS domain for the P&C insurance sector.
InvestingPro Tips indicate that management's confidence in CCCS's potential is signaled by aggressive share buybacks. This can often be interpreted as a positive sign that the company's leadership believes the stock is undervalued. Moreover, analysts have revised their earnings estimates upwards for the upcoming period, underscoring a positive outlook on the company's profitability trajectory.
While CCCS is currently not profitable over the last twelve months, analysts predict the company will turn a profit this year. The company's stock is known to trade with low price volatility, which may appeal to investors seeking stability in their portfolio. It's important to note that CCCS does not pay a dividend, which may influence the investment decisions of income-focused shareholders.
For investors seeking a deeper dive into CCCS's financials and future prospects, there are additional InvestingPro Tips available. By subscribing to InvestingPro, you can access these insights and more. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking a total of 11 expert tips for CCCS at https://www.investing.com/pro/CCCS.
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