CCC Intelligent Solutions and Dragoneer Investment Group, LLC Announce Completion of Business Combination | Business and finance

CHICAGO & SAN FRANCISCO & PALO ALTO, Calif .– (BUSINESS WIRE) – August 2, 2021–

CCC Intelligent Solutions Inc. (“CCC”), a leading SaaS platform for the P&C insurance economy (“P&C”), and Dragoneer Investment Group, LLC (“Dragoneer Investment Group”), announced today hui the finalization of the business combination of CCC and Dragoneer Growth Opportunities Corp. (“Dragoneer”), a special purpose acquisition company formed by Dragoneer Investment Group (the “Business Combination”) on July 30, 2021. The business combination was approved by the shareholders of Dragoneer in a special meeting held July 29, 2021. Effective August 2, 2021, the common shares and warrants of the amalgamated company, CCC Intelligent Solutions Holdings Inc., will be listed on the New York Stock Exchange under the symbols “CCCS” and ” CCCS WS ”respectively.

Since the business combination was announced on February 3, 2021, CCC has announced plans for important new solutions that will support the ongoing digital transformation of the P&C insurance economy and the vision of achieving straight-through processing. (PLS). Notable announcements include:

  • Plans to launch an enterprise payment platform to power electronic payments through integration with a payment processor in the insurance and automotive ecosystem in the second half of 2021.
  • Plans to fully digitize the estimation process for a portion of recoverable claims with the launch of CCC® Estimate – STP in the second half of 2021. The new solution is designed to use advanced AI, insurer rules and large network connections of CCC and is expected to help customers complete an automated estimate in minutes and improve the customer experience.
  • Plans to integrate advanced AI into its CCC ONE® collision repair platform later this quarter to apply machine learning to pre-populate photo-based estimates of damage and vehicle configurations by facilities repair tool to speed up the repair process.

Githesh Ramamurthy, President and CEO of CCC, said: “The closing of our business combination and our return to public procurement is an exciting day for CCC and our more than 2,000 employees. The team is driven by our next phase of growth and is focused on delivering breakthrough innovations to our more than 30,000 clients in the P&C insurance economy. The proceeds from this transaction allow us to accelerate innovation that helps our customers increase revenues, improve efficiency and improve the lives of millions of drivers.

Ramamurthy continued, “This is an important moment for the industry, which is actively adopting technologies such as AI, IoT and mobile to digitize operations and modernize the customer experience from start to finish. CCC’s market leadership places us in an excellent position to realize this long-term vision, propel our clients forward and achieve our long-term growth goals.

Marc Stad, Founder and Portfolio Manager at Dragoneer, said: “This is an exciting time, not only for CCC, but for the P&C insurance economy at large. Already a pioneer at the forefront of the industry’s rapid move towards digitalization, we anticipate that the additional capital from this transaction will allow CCC to accelerate its innovation, finding new ways to create value for its customers. customers and further revolutionize the property and casualty insurance space. We look forward to seeing what Githesh and the team at CCC are able to accomplish in public markets for their clients and the consumers they serve.

In connection with the closing of the business combination, CCC received net proceeds of approximately $ 605 million. The net proceeds of the business combination will be carried on CCC’s balance sheet, including the repayment of debt.

Citigroup Global Markets Inc. acted as senior capital markets advisor to Dragoneer, working with capital markets advisers Goldman Sachs & Co., LLC and JP Morgan Securities LLC. Ropes & Gray LLP acted as legal counsel to Dragoneer.

Evercore Group LLC acted as financial advisor and capital markets advisor to CCC. Kirkland & Ellis LLP acted as legal counsel to CCC and Advent.

Citigroup Global Markets Inc. acted as principal placement agent and Evercore Group LLC as placement agent on PIPE.

Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and JP Morgan Securities LLC acted as book managers in connection with Dragoneer’s initial public offering of $ 690 million.

CCC is a leading SaaS platform for the multi-billion dollar property and casualty insurance economy for insurers, repairers, automakers, parts suppliers, lenders, and more. CCC cloud technology connects more than 30,000 businesses by digitizing critical workflows, commerce and customer experiences. A trusted leader in AI, IoT, customer experience, network and workflow management, CCC delivers innovations that empower people’s lives when it matters most. . Learn more about CCC at www.cccis.com.

CCC and the CCC logo are registered trademarks of CCC Intelligent Solutions Inc.

About the Dragoneer investment group

Dragoneer Investment Group is a growth-oriented investment firm with over $ 19 billion in long-term capital from many of the world’s largest endowments, foundations, sovereign wealth funds and family offices. The firm has a history of partnering with leadership teams developing exceptional businesses characterized by sustainable differentiation and superior business models. The company’s history includes public and private investments in all sectors and geographies, with a particular focus on technology companies. Dragoneer has invested in companies such as Airbnb, Alibaba, Atlassian, AppFolio, Bytedance, Ceridian, Chime, Datadog, Doordash, Duck Creek, PointClickCare, Procore, Slack, Samsara, ServiceTitan, Snowflake, Spotify, Uber, UiPath and others.

Special Note Regarding Forward-Looking Statements

This press release contains forward-looking statements based on beliefs and assumptions and on information currently available. In some cases, you can identify forward-looking statements by the following words: “may”, “will”, “could”, “would”, “should”, “expect”, “intend”, “,” Believe “,” estimate “,” anticipate “,” project “,” potential “,” continue “,” in progress “or the negative of these terms or other comparable terminology, although all forward-looking statements do not contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to differ materially from the information expressed or implied by such forward-looking statements. We caution you that these statements are based on a combination of facts and factors currently known to us and our projections for the future, which are subject to a number of risks. Forward-looking statements contained in this press release include, without limitation, statements regarding future events, such as early trading on the New York Stock Exchange under updated tickers, the proposed launch of new solutions by the CCC and the intended use of the products by CCC. We cannot assure you that any forward-looking statements contained in this press release will prove to be correct. These forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to, general economic, political, business and competitive conditions; the challenges inherent in product research and development; competition, including technological advances and new products marketed by competitors; changes in applicable laws and regulations; CCC’s ability to grow and manage its growth profitably and to retain key employees; failure to maintain listing of CCC securities on the New York Stock Exchange; and other risks and uncertainties, including those included under the heading “Risk Factors” in the proxy statement / final prospectus filed by Dragoneer Growth Opportunities Corp. with the SEC on July 6, 2021. In addition, if forward-looking statements prove to be inaccurate, the inaccuracy may be material. In addition, you are cautioned that past performance may not be indicative of future results. In light of the material uncertainties in these forward-looking statements, you should not rely on such statements in making any investment decision or regard these statements as a representation or guarantee by us or any other person that we will achieve our objectives. and our plans in any way. specified time limit, or not at all. The forward-looking statements contained in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will change our perspective. However, although we may choose to update these forward-looking statements at any time in the future, we currently have no intention of doing so, except to the extent required by applicable law. Therefore, you should not rely on any such forward-looking statements as representing our views as of a date subsequent to the date of this press release.

CONTACT: CCC Investors:

Director of Public Relations, CCC Intelligent Solutions Inc.

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA ILLINOIS

INDUSTRY KEYWORD: PROFESSIONAL SERVICES OTHER PROFESSIONAL SERVICES TECHNOLOGY OTHER TECHNOLOGY INSURANCE SOFTWARE FINANCE

SOURCE: CCC Intelligent Solutions Inc.

Copyright Business Wire 2021.

PUB: 08/02/2021 08: 00 / DISC: 08/02/2021 08:02

Copyright Business Wire 2021.

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