CCC Information Services, a provider of data and technology to the auto and insurance industries, has announced that it will be going public.
The insurtech is going public through a special purpose acquisition company (SPAC) merger deal with Dragoneer Growth Opportunities Corporation, which valued CCC Information at approximately $7 billion.
Once the merger is complete, the combined company will be renamed to CCC Intelligent Solutions Holdings, and will be listed on the New York Stock Exchange. Shareholders of CCC Information are anticipated to own about 83.2% of the combined company. Private equity firm Advent International – which bought CCC Information in 2017 – will remain the single largest shareholder.
Reuters reported that the deal is expected to raise $968 million for CCC Information, which includes a $150 million private investment from Fidelity Investments, T. Rowe Price, and several others.
In addition to the above investments, funds associated with Dragoneer and Michael Bloomberg’s family office have separately invested $175 million.
CCC Information allows insurance policyholders to get a repair estimate of their damaged vehicles through a proprietary app, through which users upload photos of their cars to. Statements on CCC Information’s website say that the company serves nearly 300 insurers in the US with its technology.