/PRNewswire/ The "Insurance Telematics in Europe and North America - 6th Edition" report has been added to ResearchAndMarkets.com s offering. What are the.
/PRNewswire/ The "Insurance Telematics in Europe and North America - 6th Edition" report has been added to ResearchAndMarkets.com s offering. What are the.
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CCC Information Services Going Public in $7 Billion Blank Check Transaction By Niket Nishant | February 3, 2021
CCC Information Services said on Wednesday it was going public through a merger with blank-check firm Dragoneer Growth Opportunities Corp., in a deal valuing the data and technology provider to automotive and insurance companies at about $7 billion.
The deal is expected to fetch CCC Information $968 million in proceeds, including a $150 million private investment from Fidelity Investments, T. Rowe Price and others.
A special purpose acquisition company (SPAC), also known as a blank-check company, gained popularity as an alternative route to public markets last year, for companies seeking to avoid a traditional initial public offering.
CCC Information Services CEO Githesh Ramamurthy
CCC Information Services, the Chicago-based software firm that’s built a $600 million business on a digital platform serving the property and casualty insurance industry, is returning to the public markets.
Fourteen years after selling to an investment firm and then bouncing through two more private-equity owners, CCC has a deal to go public via a transaction with a special purpose acquisition company called a SPAC run by San Francisco-based Dragoneer Investment Group. The deal will value CCC at about $6.5 billion and is slated to be finalized in the second quarter.
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SPACs, better known as blank-check companies, are proving to be a popular alternative to the traditional initial public offering. Dragoneer Growth Opportunities, the SPAC acquiring CCC, was down 4.4 percent on the news in early afternoon trading.