Feb. 3, 2021—CCC Information Services and Dragoneer Growth Opportunities Corp., a special purpose acquisition company, announced today a $7 billion merger between Dragoneer and CCC's parent holding company.
The new combined company will be renamed CCC Intelligent Solutions Holdings Inc., and will be listed on the New York Stock Exchange come the second quarter of the year, according to a press release.
The closing of the transaction will yield approximately $968 million, and the company will continue to operate under the CCC management team, the press release says. CCC expects to report around $600 million in revenue for 2020.
“CCC is one of those rare software companies that serves as the backbone of a critical industry, the P&C insurance economy,” Marc Stad, founder and portfolio manager at Dragoneer, says in the press release.
“As the products we use and the cars we drive become more and more sophisticated, insurers, consumers, manufacturers and service providers require increasing amounts of support and coordination whenever issues occur. CCC’s advanced technology platform enables the right groups to connect quickly and efficiently, and its twenty-plus years of profitable growth are a testament to the value the company provides to its customers," Stad says.
Late last year, State Farm told its DRP shops that they would be required to use CCC by April 1.