CHICAGO - CCC Intelligent Solutions Holdings Inc. (NASDAQ: CCCS), a SaaS platform provider for the property and casualty (P&C) insurance economy, has upsized its secondary offering from 40 million to 43 million shares at a public offering price of $11.42 per share.
The selling shareholders, affiliates of Advent International, L.P. and Oak Hill Capital Partners, have also granted underwriters a 30-day option to purchase up to an additional 6.45 million shares.
The offering, managed by Goldman Sachs & Co (NYSE:GS). LLC, BofA Securities, and J.P. Morgan as joint book-running managers, is expected to close around March 4, 2024, subject to standard closing conditions. It's important to note that CCC Intelligent Solutions will not benefit financially from this offering as all proceeds will go to the selling shareholders.
The transaction comes after the company filed an effective shelf registration statement with the Securities and Exchange Commission on October 14, 2022. The offering is made through a prospectus supplement and accompanying base prospectus, available on the SEC's website.
CCC Intelligent Solutions is known for its cloud technology that connects over 35,000 businesses and supports operations for insurers, repairers, automakers, part suppliers, lenders, and others. The company is recognized for its leadership in artificial intelligence, IoT, customer experience, network, and workflow management.
Investors are advised that this press release contains forward-looking statements, which are based on current information and beliefs. These statements are subject to risks, uncertainties, and other factors that could cause actual events or results to differ materially from those projected.
The risks include the possibility that the offering may not close on the anticipated terms or at all, market conditions, and the satisfaction of customary closing conditions for the offering. These forward-looking statements should not be considered as representations of the company's views beyond the date of the press release.
This news article is based on a press release statement from CCC Intelligent Solutions Inc. and does not constitute an offer to sell or a solicitation of an offer to buy any securities.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.