CHICAGO - CCC Intelligent Solutions Holdings Inc. (NASDAQ: CCCS) has announced a secondary offering of 50 million shares of common stock by affiliates of Advent International, L.P. and Oak Hill Capital Partners. The shares are to be sold periodically at prevailing market prices. This secondary offering does not involve the sale of new shares by the company and consequently, CCC Intelligent Solutions will not receive any proceeds from the transactions.
The offering is being managed by a team of joint book-running managers including J.P. Morgan, Morgan Stanley, BofA Securities, and Goldman Sachs & Co. LLC. It is being conducted in accordance with a shelf registration statement that was declared effective by the Securities and Exchange Commission (SEC) on October 14, 2022.
Prospective investors can obtain the prospectus supplement and accompanying base prospectus for free by visiting the SEC website. Copies are also available upon request from the respective managing firms.
CCC Intelligent Solutions is a subsidiary of CCC Intelligent Solutions Holdings Inc. and operates a cloud platform serving the property and casualty (P&C) insurance sector. The platform, known as the CCC Intelligent Experience (IX) Cloud, leverages artificial intelligence to connect over 35,000 businesses for the development of customized applications and platforms.
InvestingPro Insights
Amid the news of a secondary offering by CCC Intelligent Solutions Holdings Inc. (NASDAQ: CCCS), investors are closely monitoring the company's performance indicators. According to InvestingPro data, CCCS boasts a robust gross profit margin of 76.86% for the last twelve months as of Q1 2024, reflecting its strong operational efficiency in the P&C insurance sector. Despite a negative P/E ratio of -75.73 indicating that the company is currently unprofitable, the market is showing signs of confidence with a 1-year price total return of 14.31%, suggesting investor optimism for future growth.
InvestingPro Tips reveal that management's aggressive share buyback strategy and expectations for net income growth this year could be driving factors behind this confidence. Additionally, the company's liquid assets surpassing short-term obligations is a reassuring sign of financial stability. For investors seeking a more comprehensive analysis, there are 11 additional InvestingPro Tips available, which could provide deeper insights into CCC Intelligent Solutions' financial health and market position.
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