CHICAGO - CCC Intelligent Solutions Holdings Inc. (NASDAQ: CCCS) has announced a secondary offering of 40 million shares by affiliates of Advent International, L.P. and Oak Hill Capital Partners. These selling stockholders also intend to give underwriters a 30-day option to purchase up to an additional 6 million shares. CCC itself will not receive any proceeds from this transaction.
The offering is being managed by Goldman Sachs & Co (NYSE:GS). LLC, BofA Securities, and J.P. Morgan as joint book-running managers. It is being made under an effective shelf registration statement, which was filed with the Securities and Exchange Commission (SEC) and became effective on October 14, 2022.
This move comes as the company, a leading SaaS platform for the property and casualty (P&C) insurance economy, continues to connect over 35,000 businesses through its cloud technology. CCC is known for its AI, IoT, and network management solutions that support insurers, repairers, automakers, part suppliers, and lenders.
The press release also includes forward-looking statements, which are based on current beliefs and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. These statements should be viewed as indicative of the company's plans and not guarantees of future performance.
It is important to note that this press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in any state or jurisdiction where such offer, solicitation, or sale would be unlawful before registration or qualification under the securities laws of such jurisdiction.
This article is based on a press release statement and includes only factual information provided by CCC Intelligent Solutions Holdings Inc. The company's recent filing with the SEC on February 28, 2024, contains further details under the "Risk Factors" section that interested parties can access for free on the SEC's website.
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